Rim backdating stock options Adulat live chat
27-Sep-2019 15:07
Allegations of back-dating in that same period have lead to other high-profile SEC cases against such companies as Apple and Mc Afee.
"As alleged in our complaint, RIM and its highest level executives engaged in widespread backdating of options which provided them and other employees with millions of dollars in undisclosed compensation," said SEC enforcement director Linda Chatman Thomsen."This enforcement action underscores the SEC's resolve to assure full and accurate disclosure to US investors by foreign issuers."Each of the defendants have agreed to return their profits and pay monetary penalties to the commission.
Those charged include former chief financial officer Dennis Kavelman, former president of finance Angelo Loberto and the company's two co-chief executives, Mike Lazardis and James Balsillie.
The SEC charged that each of the four executives deliberately dated offer letters and stock option agreements to earlier dates in order to receive a more favorable price on the options.
It's not an expense: it might be a contingent liability, something that costs the company money if the share price rises, but it hasn't cost the company any money that day and so isn't an expense that day.
Similarly, an out or at the money option isn't income to the recipient on that day: it's contingent income, contingent on the share price going up.
The Apple board could have issued Steve Jobs with 7.5 million options at
You can issue an option at whatever price you like.Kavelman and Loberto will also be forbidden from serving as accountants or executives at any company under SEC jurisdiction for the next five years.The filing and settlement with the SEC comes just two weeks after the executives agreed to a settlement in Canada worth nearly Cm (Am).But it can be corrected quite simply and has no great wider import.
.01 a share if they had wanted to. They could issue them on the share price at any date in history if that had taken their fancy.
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However, people do make decisions about the future, whether to buy, sell or hold, stocks based upon quarterly profit reports."Out of the money" (say, ) or "in the money", say .30.
[[However, people do make decisions about the future, whether to buy, sell or hold, stocks based upon quarterly profit reports.
"Out of the money" (say, $40) or "in the money", say $18.30.
||However, people do make decisions about the future, whether to buy, sell or hold, stocks based upon quarterly profit reports."Out of the money" (say, $40) or "in the money", say $18.30.
]]
