Extreme Networks Initiates Independent Investigation Into Stock Option Grants; Delay in Filing Form 10-K
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SANTA CLARA, Calif., Sept. 15  /PRNewswire-FirstCall/ -- Extreme Networks, Inc.  today announced that its Board of Directors has appointed a special committee to review the company's historical practices for stock option grants and the accounting for option grants.
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SAN JOSE, Calif. _ In a filing with the Securities and Exchange Commission, Apple Computer said Friday it will delay its annual 10-K financial report by more than two weeks while it reviews the findings of its investigation into stock option grants.
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Online social networking  phenomenon Facebook Inc said on Monday its backers have created  an unusual $10 million fund to dole out grants to start-ups  with ideas for innovative Facebook applications.
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American Funds and Edward Jones &amp; Co. are among the financial firms that regulators are requesting information from in a sweeping examination into sales and disclosure of 529 college-savings plans.
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Swiss reinsurer Converium has confirmed in a regulatory filing that it is facing a probe by the US Securities and Exchange Commission into possible insider trading of its stock ahead of a profit warning in July.
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The founder of MySpace.com parent Intermix Media on Thursday said he is seeking a federal investigation of the sale of Intermix to News Corp. last year, claiming the deal defrauded shareholders by undervaluing the Internet's most popular networking site.
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The Securities and Exchange Commission has opened a formal investigation into Broadcom Corporationâs options practices.
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The founder of MySpace.com parent  Intermix Media on Thursday said he is seeking a federal  investigation of the sale of Intermix to News Corp. last year,  claiming the deal defrauded shareholders by undervaluing the  Internet's most popular networking site.
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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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The Securities and Exchange Commission is investigating Bear Stearns Cos&#39; (BSC.N: Quote, Profile, Research) municipal bond offering practices, according to a filing from the US investment bank.
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Also: Feds slow in getting records on Web. Read these stories and more from around the Web on News.com Extra.
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Novell is conducting an internal investigation into its past procedures for granting stock options and the review's findings may lead to its restating results.
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Marvell Technology Group  said on Monday its board has preliminary found that the measurement date for some of its stock option grants likely differed from recorded dates.
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By Mary Ann Milbourn, The Orange County Register, Calif.  Dec. 18--Chipmaker Broadcom Corp. announced today that it cancelled more  than $37 million in stock options for three former employees after finding  that they actively selected the grant dates after the fact.
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Technology company Pegasus Wireless announced an unusual plan for investors to receive what the company described as a stock warrant for every 10 shares of stock. But there was a catch. But there was a catch.
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Nortel Networks Corp. (NT.TO: Quote, Profile, Research) , one of the world&#39;s biggest telecoms equipment makers, has again delayed filing its restated financial results, mainly because
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(InfoWorld) - Novell has begun an internal review to investigate how the company granted stock options to employees in recent years and to assess whether, in the light of the findings, Novell will need to restate any earnings. The software vendor made the announcement Tuesday afternoon as it released third-quarter results for fiscal 2006. Novell cautioned that the results should be considered preliminary financials until it has concluded its voluntary stock options review. The company didn't provide a date as to when it expects those investigations to be complete and so it's possible Novell may need to delay the filing of its third-quarter Form 10-Q to the U.S. Securities & Exchange Commission (SEC). On a conference call with analysts, Ronald Hovsepian, president and chief executive officer of Novell, said the review was "in no way a reflection on the quality of our business or the future growth prospects." Novell will report on the progress of the investigation as appropriate. "In the meantime, it's full speed ahead with building our business and executing on our strategy," he added. Novell's move comes as the SEC continues to widen its probe into potentially fraudulent stock options practices occurring now or in the past at U.S. companies and related to the backdating of options. By timing the granting of options to a low point in a company's stock, an options recipient could buy shares cheaply and then resell them for a greater profit once the vendor's share price rose. Already the SEC investigation has touched a number of IT companies including Sycamore NetworksÂ and the SEC has filed securities fraud chargesÂ against the former managementÂ heads ofÂ software vendor Comverse TechnologyÂ and storage networking firm Brocade Communications Systems. Other IT vendors including Apple Computer, CA Inc., McAfee, and RambusÂ have identified irregularities in their options accounting which, in some cases, led to the companies restating financial results dating back several years. Novell's preliminary third-quarter results saw the company reporting net income of $11.6 million on revenue of $241.3 million and earnings per share (EPS) of $0.03. For the fourth financial quarter due to end Oct. 31, Dana Russell, Novell's interim chief financial officer, estimated the company's revenue will be between $246 million and $256 million with an EPS of $0.04. Those predictions don't take account of the findings of the stock options review, he noted, with the likely impact of that investigation knocking EPS down to $0.01. Russell said Novell's leadership isn't happy with the company's current overall level of profitability, but believes it's on "the right track for the health of the business," expecting long-term profitability to improve.