Feeds

Verisign to restate years of financials

Stock options again

Combat fraud and increase customer satisfaction

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. ®

3 Big data security analytics techniques

More from The Register

next story
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
It may be ILLEGAL to run Heartbleed health checks – IT lawyer
Do the right thing, earn up to 10 years in clink
prev story

Whitepapers

Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
SANS - Survey on application security programs
In this whitepaper learn about the state of application security programs and practices of 488 surveyed respondents, and discover how mature and effective these programs are.