What’s becoming increasingly apparent as more and more companies reveal the results of internal investigations into the timing of stock options grants to executives, is that there’s really no cut and dry, right or wrong, when it comes to the practice.According to published reports and independent research groups, upwards of 130 publicly traded companies have announced that they are looking into their own options-granting practices -- and the actual number is surely much, much higher than that. But with many of those investigations wrapping up, what comes now?

Within the last 24 hours, a trio of executives -- including KLA-Tencor chairman and founder Kenneth Levy, Sapient Corp. chief executive and founder Jerry Greenberg and UnitedHealth Corp. chief executive James McGuire -- all resigned in the wake of their companies’ investigations into options granting. Last week, it was the heads of two technology companies leaving over options investigations -- CNET Networks Inc. said that its co-founder and chief executive Shelby Bonnie had resigned, while McAfee Inc. fired president Kevin Weiss and said that chief executive and chairman George Samenuk would retire after an investigation found accounting problems that will require financial restatements.

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