Remember the big backdating scandal of, um, 2005 and 2006? It hasn’t gone away. And it’s touching companies that have so far remained unscathed: Today Google disclosed that board member Ann Mather is about to face civil charges from the SEC relating to backdating violations at Pixar, where she was CFO.
On April 23, 2008, Ann was advised by the staff of the Los Angeles office of the Securities and Exchange Commission (SEC) that it intends to recommend that the SEC initiate a civil proceeding against her, alleging violation of federal securities laws related to certain stock option transactions involving her former employer, Pixar Animation Studios. The staff’s recommendation arises out of Ann’s prior employment as Chief Financial Officer of Pixar, and not her service as a director of Google.
Statement from Ann’s attorney, Timothy J. Coleman of Dewey & LeBoeuf: “Ms. Mather acted diligently and responsibly at all times in her position as CFO at Pixar. There is no basis for any legal action against her.”
Google CEO Eric Schmidt should be sympathetic to Ann’s plight: He’s a board member at another company still entangled in an options mess: Apple (AAPL), where CEO Steve Jobs was also cofounder of…Pixar.
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