Take-Two Improperly Dated Options Starting in 1997
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Take-Two Interactive Software said Monday it improperly dated stock options for as long as nine years and would report undetermined expenses to correct compensation costs.
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Botched guidance annoys this investor.
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A Foolish guide to making tough investing choices.
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LOS ANGELES/NEW YORK  - Take-Two Interactive Software Inc.  investors who own 46 percent of the company are banding together to take over its board and potentially oust the chief executive, sending shares of the "Grand Theft Auto" video game maker up as much as 19 percent on Wednesday.
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(InfoWorld) - The practice of manipulating stock options grants to make them more favorable has come back to haunt yet another round of high-tech executives. A former Monster Worldwide Inc. executive is expected to agree to a plea deal in New York Thursday, just a day after the founder of Take-Two Interactive Software Inc. pleaded guilty to a state felony related to backdating. The U.S. Attorney's Office in Manhattan would not comment specifically on a Wall Street Journal report that Monster's former general counsel, Myron Olesnyckyj, will cooperate with its investigation into stock options practices at the company. However, a spokeswoman confirmed that there will be a court proceeding Thursday related to stock options at 12:45 PM ET and the office expects to release more information afterwards. Monster declined to comment beyond releasing the following statement: "The Company terminated this individual some time ago and it is inappropriate to comment on the developments. The Company will continue to cooperate with the government in this ongoing investigation." The U.S. Securities and Exchange Commission (SEC) Wednesday said that it simultaneously filed and settled civil charges against Ryan Brant, the former CEO and chairman of Take-Two, a video and computer game publisher and distributor, which he founded. The SEC alleged that during a seven-year period, Brant enriched himself and others by granting undisclosed, "in the money" stock options to himself and to other Take-Two officers and employees. Brant did not admit or deny the allegations, the SEC said, but agreed to a settlement that bars him from serving as the officer or director of a public company. He also agreed to pay about US$6.3 million, comprised of what the SEC called "ill-gotten gains" of more than $4 million plus $1 million interest, plus a $1 million civil penalty. The settlement must still be approved in court. A Take-Two representative said only that Brant is no longer an employee, and it would not be appropriate to comment on his actions as a private individual. Meanwhile, middleware vendor BEA Systems Inc. Wednesday announced the conclusion of its stock-option review. The review won't cost any high-level executives their job, but will cost a number of them money. Several former and current executives and directors have agreed to repay the company after-tax profits they realized on mispriced options.
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BusinessWeek Online - The Oct. 19, 2007 sell-off should be seen, plainly, as an investor's bargain-basement oportunity. Panic, caused in part by the shadow of the 22% plunge by the the Dow Jones industrial average exactly 20 years earlier, drove the 30-component Dow down 366.94 points, or 2.64%, to 13,522.02. It also caused the Standard & Poor's 500-stock index to shed 39.45 points, or 2.56%, to 1,500.63, and pushed the Nasdaq index lower by 74.15 points, or 2.65%, to 2,725.16.
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Boston Scientific said in a filing it changed its retirement plan to enable key employees to exercise stock options for up to three years after they leave the company, compared to 90 days before the change. The company modified the terms of stock options awarded prior to May 2001 so employees could take advantage of the longer period. The company ...
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Be careful when presented with methods that claim to time the market.
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Just because P/Es are half of what they were in 2000, that doesn't mean they're low. Quite the opposite.
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The practice of manipulating stock options grants to make them more favorable has come back to haunt yet another round of high-tech executives. A former Monster Worldwide Inc. executive is expected to agree to a plea deal in New York Thursday, just a day after the founder of Take-Two Interactive Software Inc. pleaded guilty to a state felony related to backdating.
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COLUMBUS, Ohio --(Business Wire)-- Oct. 15, 2004 -- please replace the release dated October 14, 2004 with the following corrected version due to multiple revisions.
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Great news -- your stock just got downgraded!
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A few miscalculations can wreck a lifetime of saving and investing.
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By Kathryn Balint, The San Diego Union-Tribune  Sep. 15--Applied Micro Circuits said yesterday it will restate earnings  as far back as 1998 after an internal review concluded that different  measurement dates should have been used to compute some of the company's stock  option grants.
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The online publisher of technology news and reviews has restated earnings going back to 1996 to reflect $105.7 million in costs for backdated stock options.
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InfoWorld - The practice of manipulating stock options grants to make them more favorable has come back to haunt yet another round of high-tech executives. A former Monster Worldwide Inc. executive is expected to agree to a plea deal in New York Thursday, just a day after the founder of Take-Two Interactive Software Inc. pleaded guilty to a state felony related to backdating.
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Here's a ticker we watched for too long.