Lie Alleges Company Backdated Options
Bookmark & ShareJanuary 26, 2007
Source: Globe Investor
Research In Motion Ltd. backdated hundreds of thousands of stock options in order to make them more lucrative for company executives and directors, alleges an American academic whose research on backdating has led to nearly 200 investigations in the United States. "I believe that backdating has taken place here," professor ERIK LIE alleges in an affidavit filed in support of a court action launched by the Ironworkers Ontario Pension Fund, which owns 13,200 RIM shares. Prof. Lie is an associate professor of finance at the University of Iowa and a well-known expert on backdating. After his research was first reported in late 2005, the U.S. Securities and Exchange Commission launched investigations into backdating allegations at 180 companies. Lie has since worked with the SEC and testified on backdating before the U.S. Senate last September. The publication is based in Toronto.
Contact: Erik Lie , ,
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