Certainly auditors are rarely mentioned even when someone actually does.
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According to Horowitz: I told “Michelle” that a better stock granting process sounded great, but I needed Jordan Breslow, my General Counsel, to review it before making a decision.
Jordan lived in my hometown of Berkeley and he certainly belonged there.
With hippie sensibilities, Jordan was nearly allergic to corporate politics, showmanship, or any behavior that covered the truth. I said: “That’s all fine and good, but I still need Jordan to review it first.” Jordan came back with an answer that I did not expect: “Ben, I’ve gone over the law six times and there’s no way that this practice is strictly within the bounds of the law Here’s what Mercury Interactive said Sharlene Abrams did when they sued her and the other executives: Abrams was also prosecuted by the SEC and went to jail for the criminal charges related to tax evasion brought by the Department of Justice.
“Why I Did Not Go To Jail” Michelle (note: her name has been changed) comprehensively understood software accounting, business models, and best practices, and she was beloved by Wall Street in no small part due to her honest and straightforward reporting of her previous company’s business.
In my reference checking, at least a dozen investors told me that they made far more money when the numbers disappointed than when the company outperformed, because they trusted Michelle when she said that things were not worse than they appeared and bought on the dips.
Once she came on board, Michelle rapidly reviewed all of our practices and processes to make sure we were both compliant and competitive.One area where she thought we were less than competitive was our stock option granting process.She reported that her previous company’s practice of setting the stock option price at the low during the month it was granted yielded a far more favorable result for employees than ours. Abrams and three other former officers committed fraud by backdating stock option grants and failing to record hundreds of millions of dollars of compensation expenses.She also said that since it had been designed by the company’s outside legal counsel and approved by their auditors, it was fully compliant with the law. As part of a settlement with the agency in 2009, Ms.I’m not sure why Horowitz bothered to change the name of the CFO. Sharlene Abrams was CFO of Opsware and her previous employer was Mercury Interactive. Abrams was barred from serving as an officer or a director of a public company. was planning an enforcement action against her in connection to her previous employment at Mercury Interactive, an enterprise software company.The New York Times Dealbook’s William Alden picks up on Horowitz’s hero story and gives us more details. She later pleaded guilty to tax evasion after a Justice Department inquiry into the stock options scheme. Abrams, the chief financial officer of Opsware at that time, was forced to resign in 2006 after it emerged that the S. No one talks about stock options backdating much anymore.