I believe there were Illustra engineers who exercised options
shortly after the Informix acquisition at the end of 1995 (at $36/share)
but either couldn't immediately sell shares or choose not to
thinking the stock value would go up. They owed taxes on their
gains (about $30/share) but shortly thereafter the stock crashed
leaving the shares worth less then the taxes owed. The stock only
continued to decline in value after Informix restated earnings and
the extent of their channel stuffing became known.
https://www.edn.com/toxic-accounting
https://en.wikipedia.org/wiki/Informix_Corporation#Phil_Whit...