Feeds

BEA options re-statement hits $400m mark

EVP loses his E

Top three mobile application threats

BEA Systems will restate almost a decade's worth of earnings to the tune of nearly $400m thanks to misallocation of stock to employees.

The middleware vendor plans to restate results for the years 1998 until 2007 - up to the first quarter - recording a charge for non-cash expenses of between $340m and $390m. The majority of the charge covers the years between 1999 and 2002. The final total has yet to be determined by BEA, external auditors and regulators.

In further fall out, BEA's chief executive Alfred Chuang has agreed to pay tax on $2.4m profits he made when he vested options that were misawarded to him by BEA before he ascended to the chief executive's role in 2001. BEA's audit committee cleared Chuang of involvement in the misallocation, according to the company's latest 8-K filing here.

BEA's vice president of business planning and corporate development Bill Klien has also agreed to pay back all gains on stock realized after tax.

In a further wrap on the knuckles for Klein, the executive is being demoted as he was responsible for finance, administration and human resources - the units now being blamed for the misallocation of stock.

Klein, who joined BEA in 2000 and was chief financial officer and EVP of finance and administration, is loosing his current EVP role but will remain as vice president of business planning and corporate development. Kevin Faulkner, BEA's head of investor relations, told The Register: "HR owned the process. HR reported to Bill in his role as EVP of finance and administration."

All BEA executives have voluntarily agreed to have all outstanding stock options re-priced in line with dates they were granted, as determined by BEA's audit committee.

BEA is expected to announce preliminary fiscal year and fourth quarter results next week, but totals will not be final until the full restatement is completed.®

Application security programs and practises

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Nadella: Apps must run on ALL WINDOWS – PCs, slabs and mobes
Phone egg, meet desktop chicken - your mother
White? Male? You work in tech? Let us guess ... Twitter? We KNEW it!
Grim diversity numbers dumped alongside Facebook earnings
Microsoft: We're making ONE TRUE WINDOWS to rule us all
Enterprise, Windows still power firm's shaky money-maker
HP, Microsoft prove it again: Big Business doesn't create jobs
SMEs get lip service - what they need is dinner at the Club
ITC: Seagate and LSI can infringe Realtek patents because Realtek isn't in the US
Land of the (get off scot) free, when it's a foreign owner
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Application security programs and practises
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.