Ex-KB Home Worker Pleads Guilty In Connection To Backdating
Gary A. Ray, 50, the former head of human resources at KB Home, admitted that he and former company Chief Executive Bruce Karatz collaborated and caused company lawyers to file a false and misleading report on KB Home's stock-option practices, the U.S. attorney's office in Los Angeles said.
A KB Home audit committee relied on the false report in making disclosure decisions on filings with the U.S. Securities and Exchange Commission, prosecutors said.
Prosecutors also said that Ray would cooperate in the government's continuing investigation of backdating at KB Home.
-By Brent Kendall, Dow Jones Newswires; 202-862-9222; brent.kendall@dowjones.com
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Publié le 15 Décembre 2008 Copyright © 2008 Dowjones
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