Feeds

Verisign to restate years of financials

Stock options again

Top 5 reasons to deploy VMware with Tegile

The Verisign board has decided to restate more than four years worth of financial reports after an internal review found stock options may have made them unreliable.

The investigation by the online transaction security firm's independent directors is ongoing. "Incorrect measurement dates and other administrative inconsistencies" already uncovered precipitated the action, announced on Tuesday.

The SEC has its own investigation into Verisign, along with dozens of other technology firms over the practice of backdating share options. Backdating involves retroactively setting the date they were granted to improve their value - itself not illegal at the time in question - but the effect non-disclosure may have had on some firms' accounts submissions was.

Verisign says its findings to date indicate $250m in options needs to be included in accounts from 2001 to 2005, and the first quarter of 2006. The internal review should be complete by the end of the year. Cleaned up accounts will be made available as soon as possible after that, Verisign added.

Former Brocade CEO Greg Reyes joined the Verisign board in 2002. The first high profile Silicon Valley figure to face criminal charges in the SEC backdating investigation, Reyes resigned from Verisign two weeks after the SEC announced it would indict him. The SEC alleges he used backdating to mislead Brocade investors.

Verisign's shares lost more than 15 per cent of their value around the time the charges were filed against Reyes, but have since recovered. ®

Remote control for virtualized desktops

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
Big Content outs piracy hotbeds: São Paulo, Beijing ... TORONTO?
MPAA calls Canadians a bunch of bootlegging movie thieves
Google Glassholes are UNDATEABLE – HP exec
You need an emotional connection, says touchy-feely MD... We can do that
YARR! Pirates walk the plank: DMCA magnets sink in Google results
Spaffing copyrighted stuff over the web? No search ranking for you
Just don't blame Bono! Apple iTunes music sales PLUMMET
Cupertino revenue hit by cheapo downloads, says report
Hungary's internet tax cannot be allowed to set a precedent, says EC
More protests planned against giga-tariff for Tuesday evening
US court SHUTS DOWN 'scammers posing as Microsoft, Facebook support staff'
Netizens allegedly duped into paying for bogus tech advice
prev story

Whitepapers

Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Getting started with customer-focused identity management
Learn why identity is a fundamental requirement to digital growth, and how without it there is no way to identify and engage customers in a meaningful way.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
Getting ahead of the compliance curve
Learn about new services that make it easy to discover and manage certificates across the enterprise and how to get ahead of the compliance curve.