Backdating study

I recently blogged about the PCAOB Staff’s implementation guidance on the new audit report regime.

backdating study-83

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As Shortall understood Unilife could not loan money to the director, Shortall told the Chief Accounting Officer the loan was for the benefit of an external consultant.

The SEC also found these transactions violated Section 13(k) of the Exchange Act.

The PES start day may be backdated to the first day of qualification if the claim is made within 4 weeks of that day.

Generally, a recipient is qualified from the date they begin undertaking qualifying study.

The WSJ examined 14,000 donations of stock to private foundations by insiders – and found that 3x as many were made before price declines of 25% or more than were made prior to comparably-sized price increases.

It quoted a professor as saying that the chance that this kind of timing could result from random luck is “extremely small.” If luck’s not involved, what’s behind the fortuitous timing of these gifts?

Here’s an excerpt summarizing the proceeding: According to the SEC in an order settling an enforcement action, Alan Shortall was CEO and Chairman of Unilife Corporation, a Nasdaq listed issuer.

According to the SEC, Shortall arranged for Unilife to make personal payments on his behalf aggregating approximately 0,000 over four years. According to the SEC, this violated provisions of the Sarbanes-Oxley Act which prohibits public companies from making loans to directors and executive officers, as codified in Section 13(k) of the Exchange Act.

Stock gifts of all types, including family foundation gifts, are also timed more favorably if they are larger and if they occur in months other than December, when many tax-driven charitable contributions ordinarily take place.

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