The Securities and Exchange Commission has alleged that NIC Inc. repeatedly filed materially false and misleading proxy statements and an­nual reports that either omitted or materially understated a material por­tion of its former chief executive officer’s overall compensation, particu­larly substantial perquisites that were paid to him by NIC. The authors of this article review this enforcement action, and caution public companies to thoroughly review all elements of the compensation they provide their top officers to ensure full disclosure to their investors.


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Source: The Financial Fraud Law Report