Sarbanes-Oxley Section 304

9th Circuit Says Yes to Restatement, Yes to the SEC, and a Big No to Backdating Maxim CFO

On May 15, 2012, the Ninth Circuit Court of Appeals affirmed the decision of the district court finding in favor of the Securities Exchange Commission (“SEC”) on allegations that Carl Jasper, the former Chief Financial Officer of Maxim Integrated Products, Inc., violated various provisions of the securities laws in connection with the company’s stock options backdating scheme.  SEC v. Jasper, Case No. 10-17064 (9th Cir. May 15, 2012).  The court found that for ten consecutive quarters, Maxim granted backdated options with an exercise price equal to the lowest price of Maxim stock for each quarter.  READ MORE