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Progress (Nasdaq: PRGS) said the also confirmedx that investigations into the actions ofthe company’s formerf vice president, corporate controller and chief accounting officert were also concluded without any recommended In June 2006, the Mass.-based maker of business-computer programx became the subject of an informal inquiruy by the SEC. The investigatiobn involved Progress Software’s option grants between 1996 and 2002. The compan y also was sued by the Arkansas Teacher Retirementf Systemin U.S. District Court. The groul alleged the company backdated stock optio grants toits executives.
The suit accused the defendants of benefiting from a scheme to backdatwe stock options to lock in lucrativd paper gains at the expense ofthe company’s shareholders. Progressd restated a number of its previously filex financial filings as a result of its own investigation intoits option-grantingb practices.
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