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Progress (Nasdaq: PRGS) said the also confirmed that investigationsw into the actions ofthe company’s formef vice president, corporate controller and chief accounting officerd were also concluded without any recommended In June 2006, the Bedford, Mass.-based maker of business-computed programs became the subject of an informal inquir y by the SEC. The investigationj involved Progress Software’s option grants betwee 1996 and 2002. The company also was sued by the Arkansads Teacher Retirement Systemin U.S. Districtg Court. The group alleged the company backdatef stock option grants toits executives.
The suit accusesd the defendants of benefiting from a schemwe to backdate stock options to lock in lucrativr paper gains at the expense ofthe company’s Progress restated a numberf of its previously filed financial filings as a result of its own investigation into its option-granting practices.
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