Things were looking grim for VeriSign. This summer the company took a $160 million charge to account for misdated stock options it had granted between 2002 and 2005. But on Wednesday, the company reported a happy ending: The Securities and Exchange Commission closed its investigation of the company's option practices without taking enforcement action. The announcement follows word that several other Silicon Valley companies are also off the SEC's hook for backdating irregularities.
November 16, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Things were looking grim for VeriSign.
This summer, the Mountain View, Calif., company took a $160 million charge to account for misdated stock options it had granted between 2002 and 2005. Around the same time, CFO Dana Evan and CEO Stratton Sclavos resigned. The company’s former general counsel, James Ulam, had quietly left the company shortly after the option problems came to light in May 2006.
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