More IT firms afoul of stock options laws
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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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The failure to expense stock options is causing distortions and inefficiencies in U.S. labor and capital markets.
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The plethora of security technologies on the market is enough to overwhelm even the most knowledgeable IT managers, but in sorting through all of the options, it may be helpful to look at what is not needed.
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A new SEC rule may not solve all your woes with brokers.
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Business falling off? Investments not spinning returns quickly enough? One solution that&#39;s been picking up steam in the IT sector is the leveraged lawsuit.
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SAN FRANCISCO - It&#39;s been a tough recession for tech spending and a tough summer for tech stocks. But a Texas software outfit might give investors a reason to get back in the market.
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Dec-16-2004 - In a long-awaited and sure-to-be controversial move, the Financial Accounting Standards Board ruled yesterday that companies have to begin expensing for stock options given to employees as part of compensation packages.
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It doesn't always mean taking money from outside shareholders to pay insiders.
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Qualcomm, Cisco, Genentech. Giant companies, each with a giant interest in keeping employee stock options from being expensed on their income statements.
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Despite the technology industry&#39;s long campaign against the move, the nation&#39;s accounting rulemaker decided Thursday that companies next year must deduct the value of their stock options from their profits.
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You could be next in the firing line Comment There are two cases, that I am aware of, moving through the courts in the US relating to accessibility of IT solutions.â¦
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Companies are struggling to cope with tighter corporate governance regimes, which might even work against the goal of achieving improved IT security they are partly designed to promote.
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Apple Computer Inc. , which  said this week that it uncovered irregularities in some of its  stock options granted between 1997 and 2001, does not stand out  as an egregious example of options backdating, analysts said.
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The first week of September, the unofficial start of the new season, has been hectic for IT investors. Analysts are scrambling to parse through news from networking giants Cisco Systems Inc., Alcatel SA and Lucent Technologies Inc., and a board fracas at Hewlett-Packard Co. caused the company to come under the scrutiny of the U.S. Securities and Exchange Commission as well as the California State Attorney General.
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CHICAGO/SAN FRANCISCO  - Options traders have been  building bullish positions in PeopleSoft Inc.  PSFT.O as  investors bet a federal judge will approve Oracle Corp.'s  hostile takeover bid of the business software maker, traders  said on Monday.
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Accounting standards setters yesterday issued a long-awaited plan requiring companies to treat stock options as expenses on their books, even as lobbyists vowed to derail the initiative before it takes effect in June.
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The US accounting standard setting body on Wednesday will consider a new model for valuing employee stock options that could potentially resolve some concerns of companies opposed to compulsory options expensing.