and eventually the largest in the world. Reception SEC Investigation In 2006, the U.S. Securities and Exchange Commission (SEC) notified ACS that they were conducting an informal investigation into certain stock option grants made by the company from October 1998 through March 2005. This was due to the improper and unethical practice of back-dating stock options to specific low points in the stock value. ACS said the executives improperly backdated the price of options grants during a period from 1994 to 2005. During that time, ACS said the executives deliberately chose days on which ACS's stock took a dip as the effective date for the options, making them more valuable when exercised. Rich, King, and Edwards "used hindsight to select favorable grant dates," ACS said in a statement. CEO Mark King and CFO Warren Edwards, both implicated in the wrongdoing, resigned immediately. The former CEO Jeff Rich previously retired at the beginning of the year. Literature International Directory of Company Histories, Vol.61. St. James Press, 2004. References External links ACS Official Website ACS Historical SEC Filings Xerox Lockheed Martin International information technology consulting firms Consulting firms established in 1988 Health care companies established in 1988 2010 mergers and acquisitions Business process outsourcing companies of the United States Companies based in Dallas 1988 establishments in the United States Pharmacy benefit management companies based in the United States Health care companies based in Texas Companies formerly listed on the New York Stock Exchange 1988 establishments in Texas Information technology companies Outsourcing companies Outsourcing in the United States Companies established in 1988