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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Lizzie Tudor who wrote (91361)10/7/2007 5:30:19 PM
From: RockyBalboaRead Replies (1) of 306849
 
CFC story is not new.

I looked at it when CFC traded at $42 ...also a "prearranged" stock sale plan::

siliconinvestor.com

Stull, Stull & Brody Announces Commencement of Lawsuit Against Countrywide Financial Corporation for the Back-Dating of Stock Option Grants -- CFC
Wednesday December 27, 7:30 pm ET

NEW YORK, Dec. 27, 2006 (PRIME NEWSWIRE) -- The law firm of Stull, Stull & Brody announces that a shareholder lawsuit has been commenced against certain members of the board of directors and certain executive officers of Countrywide Financial Corporation (NYSE:CFC - News) (``Countrywide Financial'' or the ``Company'').
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The complaint alleges that certain current and prior officers and directors manipulated the prices of executive and director stock option grants (a.k.a. back-dated stock options).

Such practice of awarding stock options to executives and directors at artificially low prices is alleged to violate the company's internal documents (such as the company's stock option plan), as well as state laws governing officer and director fiduciary duties and/or federal laws governing securities and taxation.
In addition, the practice results in lower payments to companies, results in those companies under-reporting compensation expenses, and permits directors, officers and/or executives to unjustifiably reap millions and billions of dollars which should be disgorged and returned to the corporate coffers thereby contributing to the financial health of the company.
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