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Progress (Nasdaq: PRGS) said the also confirmed that investigations into the actionse ofthe company’s former vice president, corporate controllerf and chief accounting officere were also concluded without any recommended actions. In June 2006, the Mass.-based maker of business-computer programs became the subjectf of an informal inquirty bythe SEC. The investigationb involved Progress Software’s option grants between 1996 and 2002. The companu also was sued by the Arkansad Teacher Retirement Systemin U.S. District Court. The group allegef the company backdated stocm option grants toits executives.
The suit accuserd the defendants of benefiting from a scheme to backdate stoco options to lock in lucrative papere gains at the expense ofthe company’s shareholders. Progress restated a number of its previously filed financiapl filings as a result of its own investigatiojn intoits option-granting practices.
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