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Biotech / Medical : Millennium Pharmaceuticals, Inc. (MLNM)
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From: Icebrg11/1/2006 5:21:08 AM
   of 3044
 
Stock options - from yesterday's 10-Q

During the second quarter of 2006, we received a telephone inquiry from the SEC regarding whether stock options we awarded with a stated grant date of September 26, 2001 were, in fact, granted on that date. We were one of over 30 public companies discussed in a May 2006 third party report concerning the timing of stock option grants from 1997 through 2002. With respect to us, the report referenced option grants we made in September 2001. In September 2006, we met with the SEC to discuss the findings of our review of the September 2001 option grants and other of our historical option grants. We reported to the SEC that our review did not uncover any evidence of fraud with respect to the September 2001 option grants or the other historical option grants that we reviewed. Additionally, we reported to the SEC our conclusion that any additional compensation expense resulting from our review of the September 2001 option grants and other historical option grants was immaterial. We cannot express any view as to how the SEC may assess the information we provided as to the September 2001 option grants and other historical option grants. To the extent that the SEC’s inquiry continues, it remains possible that the SEC may identify material issues relating to additional stock option grants. If it is determined that any of our option grants were incorrectly granted or accounted for, we may be required to record compensation expense relating to those grants, and, if the expense is material, we likely would be required to restate certain of our historical financial statements. Additionally, we could become subject to an enforcement proceeding or other litigation. The effects of such a restatement or litigation could be material.
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