ACS NEEDS AN “EASY” BUTTON

An alert FBvian points us to this WSJ article (sub. req.) about our favorite local computing services company. It says, in part:

Affiliated Computer Services Inc., backing away from assertions that its stock-options problems were minor, announced Monday that investors should no longer rely on its prior disclosures about the findings of a continuing internal probe into the matter. Such an announcement is a retreat for the Dallas technology outsourcing firm, which previously sought to play down suggestions it had backdated stock options for the benefit of top executives. …

A March 18 page-one article in The Wall Street Journal spotlighted a pattern of options grants over several years to ACS’s former chief executive, Jeffrey Rich, that allowed him to reap millions of dollars more in profit than if the grants had come at less favorable times of the year. An analysis found the likelihood of that pattern occurring purely by chance was infinitesimal. Other senior ACS officials, including Chairman Darwin Deason and current CEO Mark King, also received some of the same questionably timed grants.

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