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Your expectations should be much different when using our webcam chat feature as compared to our random chat area.When using webcam chat, you can expect to meet targeted strangers.“We believe the backdating scandal may be entering its second act,” Glass Lewis analyst Todd Fernandez said in the report. Securities and Exchange Commission required companies to disclose their stock-option awards in Form 4 filings within two days of options grants to comply with Sarbanes-Oxley.
Investors have widely discounted companies’ misconduct over stock options timing because they believe most of it pre-dates the Sarbanes-Oxley reforms on corporate governance of 2002 that were implemented in the wake of the Enron scandal.
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The new regulations should have removed most opportunities for backdating. A spokesman for Websense, Cas Purdy, said, “The late filings were unintentional and we filed the appropriate forms when we became aware of it.” The other companies could not immediately be reached for comment. () was also mentioned in the report as having been late in filing Form 4s after August 2002.
But Glass Lewis, in the report, said the SEC has not enforced the two-day filing rule, possibly leading to many more instances of backdating. The company earlier this month said it expects to restate financial results for the past three fiscal years and the first quarter of the current year due to errors in the dating of stock options.