Research in Motion has settled an options backdating case brought by the Securities and Exchange Commission.
The SEC charged RIM's four executives with backdating stock options. The executives include former chief financial officer Dennis Kavelman, former Vice President of Finance Angelo Loberto, and current Co-Chief Executive Officers James Balsillie and Mike Lazaridis.
"RIM and its highest level executives engaged in widespread backdating of options which provided them and other employees with millions of dollars in undisclosed compensation," said Linda Chatman Thomsen, director of the SEC's Division of Enforcement, in a statement.
The executives agreed to pay fines and "disgorge" the value of backdated options totaling $843,414.
The SEC charged RIM's four executives with backdating stock options. The executives include former chief financial officer Dennis Kavelman, former Vice President of Finance Angelo Loberto, and current Co-Chief Executive Officers James Balsillie and Mike Lazaridis.
"RIM and its highest level executives engaged in widespread backdating of options which provided them and other employees with millions of dollars in undisclosed compensation," said Linda Chatman Thomsen, director of the SEC's Division of Enforcement, in a statement.
The executives agreed to pay fines and "disgorge" the value of backdated options totaling $843,414.
