Defendant Name:
Mercury Interactive, LLC
Defendant Type:
Subsidiary of Public Company
Document Reference:
court_doc27_07-cv-02822
Document Details
Legal Case Name
SEC v. Mercury Interactive, LLC (f/k/a Mercury Interactive, Inc.), Amnon Landan, Sharlene Abrams, Douglas Smith and Susan Skaer
Document Name
Final Judgement as to Defendant Mercury Interactive, LLC
Document Date
12-Jul-2007
Document Format
Civil Proceeding
Case Number
07-cv-02822
Federal District Court
California, Northern District of California
Federal District Judge
ILLEGIBLE
Allegation Type
Issuer Reporting and Disclosure
Document Summary
The Court stated: "The Securities and Exchange Commission having filed a Complaint and Defendant Mercury Interactive, LLC ("Defendant"), having entered a general appearance; consented to the Court's jurisdiction over Defendant and the subject matter of this action; consented to entry of this Final Judgement without admitting or denying the allegations of the Complaint (except as to jurisdiction); waived findings of fact and conclusions of law; and waived any right to appeal from this Final Judgement."
Disgorgement & Penalty Information
Resolutions
Enjoinment
Undertakings Specified in Defendant’s Consent
Monetary Penalties:
Civil Penalty
Individual:
$28,000,000.00
Shared:
Related Documents:
Complaint
The Commission stated: "During the period from at least 1997 through 2005, Mercury Interactive, Inc. ("Mercury" or the "company"), through its most senior officers and others, engaged in a fraudulent and deceptive scheme to provide executives and other employees undisclosed, secret compensation. Through the scheme, and without disclosure, Mercury's senior management, Chief Executive Officer Amnon Landan ("Landan") and at various times Chief Financial Officers Sharelene Abrams ("Abrams"), Douglas Smith ("Smith"), and General Counsel Susan Skaer ("Skaer"), backdated the date on which stock options were granted to executives and employees so that those options appeared to have been granted at times corresponding to low points of the closing price of the company's stock, resulting in artificially and fraudulently low exercise prices for those options."
SEC Settles With Mercury Interactive and Sues Former Mercury Officers for Stock Option Backdating and Other Fraudulent Conduct
On May 31, 2007, the SEC stated that: "[It] filed civil fraud charges in
federal district court for the Northern District of California against California-based
software maker Mercury Interactive, LLC (formerly known as Mercury Interactive Corporation) and four former senior officers of Mercury -- former Chairman and Chief Executive Officer Amnon Landan, former Chief Financial
Officers Sharlene Abrams and Douglas Smith, and former General Counsel Susan Skaer."
Sharlene Abrams, Former Chief Financial Officer of Mercury Interactive, LLC, to be Permanently Enjoined and to Pay Civil Penalties and Disgorgement for Stock Option Backdating and Other Fraudulent Conduct; Abrams Also to be Barred from Serving as an Officer and Director of a Public Company
The Commission stated that: "[It] settled civil fraud charges
against Sharlene Abrams, a former Chief Financial Officer of Mercury
Interactive, LLC, arising from an alleged scheme to backdate stock option
grants and from other alleged misconduct . . . The Commission previously filed settled charges in this matter against
Mercury and three former outside directors of Mercury."
Other Defendants in Action:
