Activision backdating parseexception error validating the model
Already, some companies have begun restating years worth of financial results.
To try to answer some questions about what's going on, CNET has compiled the following list of frequently asked questions. Backdating, which refers to the practice of altering the dates of grants, is a way for employees of a company to make additional money from stock options.
The official SEC backdating investigation is still ongoing, and the oversight body threatened the publisher with NASDAQ delisting for nondisclosure of finances just this morning.
This way the options will be profitable in a very short period of time.] So unless Activision reports stellar earnings on August 3rd, I don’t see this stock having any significant upside potential in the near term – all I really see is a lot of downside here.
And any stock with more downside than upside is not one I’d like to have sitting in my portfolio ready to take away all my hard earned dollars …
If you wish to obtain more information about this lawsuit, please contact the law firm of Zimmerman, Levi & Korsinsky, LLP, or you may visit us at com.
Zimmerman, Levi & Korsinsky, LLP is investigating over fifty companies that either received a letter of inquiry from the Securities and Exchange Commission ("SEC"), have been contacted by U. Attorney's Offices, are being investigated by the Justice Department and/or the Internal Revenue Service, have announced internal investigations and/or have otherwise been noted (in media or public reports), concerning their stock-option grant practices. Zimmerman, Levi & Korsinsky, LLP has experience representing employees who suffered losses from purchases of their employer's stock in their 401(k) plans.
The Company is cooperating with the SEC’s investigation, and representatives of the Special Subcommittee and its legal counsel have met with members of the staff of the SEC on several occasions, in person and by telephone (as has the Company’s outside legal counsel), to discuss the progress of the Special Subcommittee’s investigation and on February 28, 2007 to brief the SEC staff on the Special Subcommittee’s findings and recommendations following the substantial completion of the Special Subcommittee’s investigation. At this time, the Company has not received any grand jury subpoenas or written requests from the Department of Justice.
Last year, the Securities and Exchange Commission launched investigations of various high-profile game publishers, including THQ and Activision, for backdating stock options.
Today, Take-Two Interactive conceded that it had "failed in many cases to comply with the terms of its stock option plans" by allowing its founder and former CEO Ryan Brant "to control and dominate the granting process." In its latest filing with the SEC, Take-Two says an independent investigation conducted by the national civil legal firm of Kasowitz, Benson, Torres, & Friedman puts the blame for the backdating squarely on Brant's shoulders.
The firm reviewed nearly 400,000 e-mails and interviewed more than a dozen executives to come to its conclusion. Brant engaged in a pattern and practice of backdating options, and during such period, a significant number of option grants appear to have been backdated," read Take-Two's report.
The complaint alleges that certain current and prior officers and directors manipulated the prices of executive and director stock option grants (a.k.a. Such practice of awarding stock options to executives and directors at artificially low prices is alleged to have violated the Company's internal documents (such as the Company's stock option plan), as well as state laws governing officer and director fiduciary duties and/or federal laws governing securities and taxation.Tags: Adult Dating, affair dating, sex dating