Drugmaker King Pharmaceuticals reported mistakes using "favorable dates" on stock options for some executives, a filing with the SEC shows. King's report said that in the fourth quarter of 2000, King used "an incorrect measurement date" for options granted to almost all employees when it prepared its routine financial statements. The company said it would take a $3.59 million noncash expense in the third quarter to correct understatements. One King executive described the findings as "immaterial errors."
November 13, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
King Pharmaceuticals Inc. reported making mistakes with “favorable dates” on stock options for some executives, a company filing with the Securities and Exchange Commission shows.
The branded drugmaker based in Bristol, Tenn., said a self-review concluded there was no fraud. The report filed Thursday said the company would take a noncash expense of $3.59 million in the third quarter to correct understatements of compensation expense.
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