Rim backdating stock
The complaint also alleges that Kavelman and Loberto took steps to hide the backdating from regulators, RIM's independent auditor and outside lawyer.For instance, Kavelman and Loberto usually picked low strike prices within reporting periods and in some instances avoided the lowest price so regulators would not detect the backdating.On one occasion, Kavelman asked a manager not to document improper pricing in e-mails.Kavelman wrote, "FYI, it is a major breach of protocol to be discussing (and documenting via email) using option pricing other than that allowable by the Ontario Securities Commission and the SEC in the US." The complaint further alleges that after all four executives were aware of backdating issues that had come to light at other companies, they attended RIM's July 2006 annual shareholder meeting where Kavelman misled investors by denying that RIM was backdating options.Kavelman and Loberto consented to an order permanently enjoining them from violating the antifraud, internal controls, books and records and misrepresentation to auditors provisions and from aiding and abetting RIM's violations of the reporting, books and records and internal controls provisions of the federal securities laws.
(RIM's stock is listed on both the NASDAQ Stock Market and the Toronto Stock Exchange.) Specifically, the SEC's complaint alleges that Kavelman, Loberto, Balsillie and Lazaridis backdated option agreements and offer letters, which concealed the fact that the options were granted in-the-money.The Securities and Exchange Commission today charged Black Berry maker Research in Motion, Ltd., and four of its senior executives for stock option backdating.The SEC's complaint alleges that Ontario, Canada-based RIM, its former CFO Dennis Kavelman, former VP of Finance Angelo Loberto, and Co-CEOs James Balsillie and Mike Lazaridis illegally granted undisclosed, in-the-money options to RIM executives and employees by backdating millions of stock options over an eight-year period from 1998 through 2006.Leading Japanese operator NTT Do Co Mo will make the first ever Black Berry available in Japan on September 26 and the device, the Black Berry 8707h, will also be RIM’s first WCDMA 3G offering.Do Co Mo will make the device available to […] Making good on its promise, Research in Motion, the Canadian manufacturer behind the Black Berry launched its first consumer version of the iconic gadget on Thursday The new Black Berry – dubbed 8100 or ‘Pearl’ – is a response from the company to concerns that while it remains dominant in the corporate mobile email sphere, it lacks […] The ongoing rumour that Research in Motion (RIM) is working with Apple to create a mobile phone/i Pod hybrid – dubbed ‘Apple Berry’ by hopeful fans – was dealt a blow on Tuesday as RIM refused to answer any questions on the subject.