Acs backdating

02-Oct-2017 06:55

This company was acquired by Xerox Corporation in February, 2010.

The complaint filed by the SEC in the federal district court in Washington, D.

Former CEO and CFO of the ACS backdated the stock options grants of ACS and manipulated it to match with the date segment of low closing prices.

They also filed routine reports with the SEC which does not show actual expenses for backdated options.

(ACS) that the latter has backdated grants of stock option to ACS employees and officers during the period from 1995 to 2006.

They further alleged that ACS had also falsely denied that their officers were involved in intentional backdating. is a former Fortune 500 company engaged in the affair of providing information technology services and business processes.

Rich, King, and Edwards "used hindsight to select favorable grant dates," ACS said in a statement.

CEO Mark King and CFO Warren Edwards, both implicated in the wrongdoing, resigned immediately.

In addition, ACS failed to maintain accurate records of stock option grants and they were short of internal controls required for such grants.The lawsuit contended that some Xerox Corp directors and officers had abrogated their fiduciary duties in connection with the company's .4 billion acquisition of ACS in 2010. Securities and Exchange Commission (SEC) notified ACS that they were conducting an informal investigation into certain stock option grants made by the company from October 1998 through March 2005.Xerox indicated that ITO did not line up with its vision of integration of BPO (business process outsourcing) and the legacy document handling concerns. This was due to the improper and unethical practice of back-dating stock options to specific low points in the stock value.The action concluded for a settlement of 5 million – one of the largest settlements in the history of the Delaware Court of Chancery. Calder was also the Court-appointed representative on the shareholder counsel’s committee in the United Health Group derivative litigation, which was settled for more than 0 million – the largest known derivative settlement in any court system. Calder also prosecuted a shareholder class action, from the University of Delaware in 1987 and graduated from the Villanova University School of Law in 1991. Calder served as a judicial law clerk in the Delaware Court of Chancery to the Hon. (ACS) was a company that provided information technology services as well as business process outsourcing solutions to businesses, government agencies, and non-profit organizations. ACS was ranked at number 341 on the 2010 Fortune 500 list. ACS expanded beyond banking BPO services when it signed a 10-year data processing outsourcing contract with Southland Corporation (7-Eleven).

In addition, ACS failed to maintain accurate records of stock option grants and they were short of internal controls required for such grants.

The lawsuit contended that some Xerox Corp directors and officers had abrogated their fiduciary duties in connection with the company's .4 billion acquisition of ACS in 2010. Securities and Exchange Commission (SEC) notified ACS that they were conducting an informal investigation into certain stock option grants made by the company from October 1998 through March 2005.

Xerox indicated that ITO did not line up with its vision of integration of BPO (business process outsourcing) and the legacy document handling concerns. This was due to the improper and unethical practice of back-dating stock options to specific low points in the stock value.

The action concluded for a settlement of 5 million – one of the largest settlements in the history of the Delaware Court of Chancery. Calder was also the Court-appointed representative on the shareholder counsel’s committee in the United Health Group derivative litigation, which was settled for more than 0 million – the largest known derivative settlement in any court system. Calder also prosecuted a shareholder class action, from the University of Delaware in 1987 and graduated from the Villanova University School of Law in 1991. Calder served as a judicial law clerk in the Delaware Court of Chancery to the Hon.

(ACS) was a company that provided information technology services as well as business process outsourcing solutions to businesses, government agencies, and non-profit organizations. ACS was ranked at number 341 on the 2010 Fortune 500 list. ACS expanded beyond banking BPO services when it signed a 10-year data processing outsourcing contract with Southland Corporation (7-Eleven).

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