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Progress (Nasdaq: PRGS) said the also confirmed that investigationz into the actions ofthe company’s formee vice president, corporate controller and chief accountingy officer were also concluded withouft any recommended actions. In June the Bedford, Mass.-based maker of business-computer programs becamer the subject of an informal inquiry bythe SEC. The investigatiob involved Progress Software’s option grants between 1996 and 2002. The compangy also was sued by the Arkansaas Teacher Retirement Systemin U.S. Distric Court. The group allegerd the company backdated stock option grants toits executives.
The suit accuseds the defendants of benefiting from a schems to backdate stock options to lock in lucrativd paper gains at the expense ofthe company’s Progress restated a number of its previously filexd financial filings as a result of its own investigation into its option-grantinbg practices.
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