The backdating scheme involved moving an effective date for the exercise of stock options from when the options were 'out of the money' to a date that made the options 'in the money' in order to allow certain executives to exercise their options profitably.Companies such as Verisign, F5 Networks, Brocade Communications, Intuit and Mc Afee - as well as Home Depot, Michael's Stores and United Health Group, to name a few - all engaged in this fraudulent activity to varying degrees and were forced to pay fines and penalties and conduct time-consuming and expensive restatements of their books.
In light of held that the EDT for a resignation with immediate effect is when the communication is received by the organisation (in this case this was when it was marked as date stamped by the administrative staff on 29 January) and not when it is actually read.
Backdating is the practice of marking a document, whether a check, contract or other legally-binding document, with a date that is prior to what it should be.
Backdating is usually disallowed and even can be illegal or fraudulent based on the situation.
The EAT confirmed that the subsequent purported dismissal was a nullity and the EDT was when the resignation notice expired on 21 July.
So during the notice period either side can foreshorten it and so bring forward the EDT: Similarly, parties can agree to foreshorten the notice - although where this has come at the behest of the employer Tribunals often treat this as an agreement to waive the need for the employee to present themselves for work: .