Just heard that Research in Motion and four senior Executives, former CFO Dennis Kavelman, former VP of Finance Angelo Lorberto, co-CEO Mike Lazaridis, and co-CEO Jim Balsillie have been charged with stock option backdating by the SEC.
“As alleged in our complaint, RIM and its highest level executives engaged in widespread backdating of options which provided them and other employees with millions of dollars in undisclosed compensation,” said Linda Chatman Thomsen, Director of the SEC’s Division of Enforcement. “This enforcement action underscores the SEC’s resolve to assure full and accurate disclosure to U.S. investors by foreign issuers.”
It just has not been a good February for RIM…
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Is this unrelated to the canadian options backdating problem?
a lot of money? don´t you think
The bad news keeps following these clowns. Perhaps RIM needs to clear house and make them all FORMER employees.