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Strategies & Market Trends : Option Granting Practices and exploits
AAPL 269.73+0.3%3:59 PM EDT
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To: RockyBalboa who wrote (90)2/14/2007 7:35:19 PM
From: RockyBalboa   of 165
 
BEAS BEA Systems provides conclusions of stock option review;

expects that it will restate its financial statements from Fiscal 1998 through Fiscal 2007 (BEAS) 12.53 +0.20 : Co announces the principal conclusions of its ongoing stock option review. In Aug 2006, the co announced that its Board of Directors had asked its Audit Committee to review the co's historic stock option grant practices. The principal findings of the review are: Most options granted between Jun 1997 and Jun 2006 were approved via Unanimous Written Consents; With respect to a number of grants, some members of senior mgmt appear to have chosen grant dates with the benefit of hindsight and submitted those grants for approval through UWCs to be executed by the CEO; Prior to April 2003, administrative errors prevented some option grants from being approved in a timely fashion; The co did not grant options to employees prior to an employee's start date. However, in certain instances, employees were permitted to begin a leave of absence upon being hired, allowing the employees to receive a stock option grant and specific exercise price as of their start date without providing service during the leave of absence; Certain employees were granted options that were later cancelled and either immediately or shortly thereafter reissued at a lower price... At this time, the co expects that it will restate its financial statements from Fiscal 1998 through Fiscal 2007, and that it will record non-cash compensation expense, on a pre-tax basis, of between $340 and $390 mln, with the majority of this expense relating to grants made in the Fiscal 1999 through Fiscal 2002 period.
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