Marvell sees options restatement, stock off 15 percent
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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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Oracle's (Nasdaq: ORCL) promise to step away from its pursuit of PeopleSoft (Nasdaq: PSFT) if less than 50 percent of the company's shares are tendered by Friday may not be the last word in the deal.
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Chairman dethroned Research in Motion will restate three years of earnings following an internal stock options probe, the company said today. The aggregate effect of the revisions will lop $250m off RIM's historic earnings.â¦
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(InfoWorld) - Novell has confirmed the receipt of a notice from the Nasdaq stock market warning that its shares will be delisted from the exchange after the software company delayed filing its most recent quarterly report to the U.S. Securities and Exchange Commission. The vendor said Wednesday that it will appeal the decision and request a hearing before a Nasdaq listing qualifications panel. That move will automatically stay the delisting of Novell's stock while the panel reviews the appeal. In order to ensure continued listing on Nasdaq, the exchange requires companies to file their financial reports with the SEC on a timely basis. Novell was supposed to file its Form 10-Q report for its third quarter of fiscal 2006 to the SEC earlier this month. Last week, Novell announced a delay in the filing as it waited for the results of aÂ voluntary internal reviewÂ around the granting of stock options to employees. The company intends to file its 10-Q as soon as the review is complete, but has yet to commit to when that process will end. Novell has warned that the review may require it to restate earnings. As a result of the delay in filing its 10-Q, Novell, and Wells Fargo BankÂ are bumping heads over the terms of an indenture, the agreement under which bonds and debentures are issued. The bank is the trustee of Novell's $600 million 0.50 percent convertible senior debentures, which are due in 2024. Wells Fargo said that Novell is in default under the terms of the indenture, which require the company to file its 10-Q reports to the SEC within five calendar days of the due date. Novell said Wednesday the indenture requires it to provide the bank with copies of all its SEC filings within 15 days of the filings being made. "Novell does not believe that it has failed to perform its obligations under the indenture," the company said in a release. "Therefore, Novell believes that the above-mentioned notice of default is invalid and without merit." Novell isn't the only IT vendor in hot water with Nasdaq. Dell said Thursday that it plans to request a hearing before a Nasdaq listing qualifications panel after the exchange informed the vendor in a letter dated Sept. 15 that it wasÂ not in compliance with filing requirements. Dell has delayed the filing of its latest 10-Q report for the quarter ended Aug. 4, 2006. The vendor said it was unable to file its 10-Q due to questions raised by an informal investigation by the SEC into unspecified accounting and reporting matters at the company. Along with the SEC investigation and an internal review by Dell's audit committee, the U.S. Attorney for the Southern District of New York has subpoenaed documents relating to Dell's financial reporting from 2002 to the present. While the Nasdaq panel deliberates on Dell's fate, the vendor's shares will remain listed on the exchange.
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U.S. technology shares were expected  to open lower on Thursday, weighed down by a sales warning from  Applied Materials Inc. AMAT.O, while S&P and Dow stock  futures were flat before weekly jobless claims data.
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A band of tech companies will present an alternative method for valuing stock options that would provide lower expenses to the companies than legislation currently under review, according to a report published Tuesday.
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US stocks were set for a slightly lower open Thursday as disappointing results from coffee shop chain Starbucks and volatile oil prices may take the steam out of yesterday&#39;s rally.
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WASHINGTON, Feb. 6  â The insurance company RenaissanceRe Holdings agreed on Tuesday to pay a $15 million fine to settle civil charges of securities fraud over what federal regulators said was a sham transaction created to burnish the companyâs earnings by smoothing their volatility.
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U.S. stocks to watch on Friday: AON CORP. : The second-largest insurance broker said its quarterly earnings fell because of "softening market conditions" that, along with the halt of contingent commissions, led it to withdraw its earnings per share outlook for the full year.
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UnitedHealth Group Inc.  said on Tuesday it completed an earnings restatement of up to $1.5 billion tied to its stock options accounting, sending its shares up as much as 3 percent on hopes an end to the scandal was in sight.
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Stocks looked set to open flat to weaker on Wednesday, with technology shares likely to come under pressure after a disappointing forecast from business software maker Novell Inc.
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General Electric Co., the world&#39;s biggest company by market value, said it will buy back as much as $15 billion in stock and raise its dividend as Chief Executive Jeffrey Immelt&#39;s growth strategy generates more cash and profit.
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Oracle Corp could reduce its offer for PeopleSoft Inc by as much as a third, to $2.5 billion or $14 a share, to reflect declining performance at the rival company, an Oracle executive reportedly testified yesterday.
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BEA Systems said Monday that it would restate results to reflect expenses associated with misdated stock option grants.
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U.S. stock futures pointed to a lower  open on Thursday, weighed down by disappointing earnings from  online auctioneer eBay Inc. EBAY.O and a soft outlook from  wireless technology company Qualcomm Inc. QCOM.O late in the  previous session.
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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.
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