has revealed that its founder and former chief executive Ryan Brant was largely responsible for the improper stock options backdating that has forced the company to restate a decade’s worth of financial results. 17 that an internal investigation found that Brant backdated a “significant number of option grants” between April...The beleaguered game maker – most widely known for its controversial “Grand Theft Auto” series – said in a filing with the U.
Court records indicate the SEC issued a total of three subpoenas last month, and stated that one of them went to Heinen. Marc Fagel, an assistant regional director of the SEC in San Francisco, confirmed that subpoenas were issued in the case but said he could not comment on who received them or why.
Additional subpoenas are expected, according to court records, but the two parties are still arguing over how many depositions should be allowed in the case.
The meeting with authorities was first reported on Jan.
19 by The Recorder, a legal newspaper in San Francisco.
Backdating is not in itself illegal, but needs to be properly accounted for and disclosed.