Sycamore will take $216m in options charges
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Sycamore Networks Inc. said it will take charges totaling $216 million after directors found evidence its former chief financial officer and others "deliberately altered" stock options records.
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Placement fees charged by broker Marsh &amp; McLennan Cos. (MMC.N: Quote, Profile, Research) may be unethical and under intense scrutiny by regulators, but that
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McAfee has taken two major steps toward closing the stock-option backdating scandal that has plagued the company for the past two years.On Friday, the security vendor filed 10 years&#39; worth of restated financial reports, a process that was set off by the scandal. The company also said it had reached a tentative settlement in a class-action lawsuit relating to its accounting practices.Charges for the restatement will be $137.4 million. McAfee has also set aside $13.8 million to cover lawsuits filed in 2006 on behalf of McAfee shareholders, the company said in a statement released on Friday.McAfee is one of more than 100 U.S. companies that have been investigated by the U.S. Securities and Exchange Commission (SEC) for improper backdating of options. In backdating, companies would alter the date that stock options grants were made to certain employees so they could be purchased at a lower price and ultimately sold by the employee at a greater profit. The practice, while not illegal, was often improperly disclosed in regulatory filings, leading to SEC investigations of many high-profile companies, including Apple, Dell and Broadcom.Earlier this year, McAfee&#39;s former legal counsel, Kent Roberts, was indicted on fraud charges related to the scandal.The restated reports cover the period from 1995 until the first quarter of McAfee&#39;s fiscal 2006 year. The company has also filed 10-Q reports for the first three quarters of its fiscal 2007 year, putting it up-to-date with the SEC for the first time since March 2006.
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WASHINGTON (CBS.MW) -- Fannie Mae, reeling from an accounting scandal that will force the mortgage giant to take a huge loss, plans to offer up to $4 billion of preferred stock to institutional investors, the company said Wednesday.
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NEW YORK - Troubled mortgage giant Fannie Mae said Wednesday it may sell up to $4 billion in preferred stock as soon as this week.
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The final price was $85, far off the target range of $108 to $135 a share that the company projected last month.
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Under the terms of the agreement, Cisco will pay approximately $200 million in cash and options. The acquisition of P-Cube is subject to various standard closing conditions and is
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NEW YORK -- The Nasdaq Stock Market said Thursday it plans to enter the crowded options-trading business with the creation of an equity and index options market.
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This options strategy promises income, but at too high a price.
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A new study estimates that the stock options backdating scandal may cost shareholders hundreds of millions of dollars.
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Sycamore Networks Inc. yesterday reported only partial results for the most recent fiscal quarter, saying it needs more time to investigate the impact of new information about its stock-option grants.
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THREE senior officials running one of Americaâs junior stockmarkets could face civil charges relating to its options market, following a probe by US watchdog the Securities and Exchange Commission.
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CMS Energy announced today the company intends to offer 22 million shares of common stock to the public. The underwriters will be granted an option to purchase an additional 3.3 million common
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The deal for Hutchinson Essar, one of Indiaâs fastest growing telecommunications companies, values the company at around $19 billion.
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By The Orange County Register, Calif.  Feb. 17--A federal investigation into stock options issued by Broadcom  Corp. has driven a wedge between the Irvine semiconductor company and its  chairman, Henry Samueli.
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Oracle is offering US$21 per share or about US$7.7 billion for PeopleSoft, a leader in human resources management software and an applications rival of Oracle.
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Delphi said yesterday that it had accepted an offer led by private-equity firm Appaloosa Management to invest as much as $2.55 billion in the bankrupt auto-parts maker.