From 4 January 2006 until its acquisition by Hewlett-Packard, Mercury Interactive was traded via the Pink Sheets as a result of being delisted from the NASDAQ due to noncompliance with filing requirements.
On 3 January 2006, Mercury missed a second deadline for restating its financials, leading to the delisting.
Reyes obtained his first CEO position with Wireless Access, a Silicon Valley start-up company specializing in two-way pagers.
Reyes served as President and CEO until Wireless Access was bought out in 1997 by Glenayre Technologies.
I’m not sure why Horowitz bothered to change the name of the CFO. Sharlene Abrams was CFO of Opsware and her previous employer was Mercury Interactive. Abrams was barred from serving as an officer or a director of a public company. was planning an enforcement action against her in connection to her previous employment at Mercury Interactive, an enterprise software company.
The New York Times Dealbook’s William Alden picks up on Horowitz’s hero story and gives us more details. She later pleaded guilty to tax evasion after a Justice Department inquiry into the stock options scheme. Abrams, the chief financial officer of Opsware at that time, was forced to resign in 2006 after it emerged that the S. No one talks about stock options backdating much anymore.
Reyes began working full-time position at Convergent while taking evening classes in order to complete his degree.
Without admitting or denying the SEC's allegations, Mercury Interactive agreed to pay a million civil penalty to settle the Commission's charges in 2007.
“Why I Did Not Go To Jail” Michelle (note: her name has been changed) comprehensively understood software accounting, business models, and best practices, and she was beloved by Wall Street in no small part due to her honest and straightforward reporting of her previous company’s business.
In my reference checking, at least a dozen investors told me that they made far more money when the numbers disappointed than when the company outperformed, because they trusted Michelle when she said that things were not worse than they appeared and bought on the dips.
On April 24, 2007, the SEC filed charges alleging that she caused Apple to backdate large option grants and altered corporate records to hide the actions.
According to the SEC press release, "Heinen is charged with, among other things, violating the antifraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934, lying to Apple's auditors, and violating prohibitions on circumventing internal controls" based on options awarded to Steve Jobs (dated October 19, 2001 but allegedly granted in December 2001) and also option grants awarded to top company executives, including Heinen (dated January 17, 2001, but allegedly granted in February 2001).