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Strategies & Market Trends : Galapagos Islands
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To: Jorj X Mckie who wrote (13758)11/20/2002 9:09:33 AM
From: Challo Jeregy  Read Replies (1) of 57110
 
so much for Siebel's honesty that we've discussed -

07:21 ET Siebel Systems' certified results questioned by pension fund (SEBL) 7.68: CEO Tom
Siebel "knowingly certified inaccurate financial results," reports Bloomberg.com, citing court
documents filed by Teachers' Retirement System of Louisiana. Since 1999, Siebel has failed to
record about $22.2 mln in expenses for stock options awarded to Tom Siebel and Pres.Paul Wahl
that had exercise prices below the market price on the date of grant, the pension fund said in an
amended lawsuit filed Nov. 8. The pension fund contends Siebel knew at the time the filings were
``materially false'' because the company hadn't accounted for the expenses. In an e-mailed
statement, SEBL called any claims of inaccurate certifications with the SEC absurd and without
basis in fact.
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