Saturday, October 21, 2006

Rambus Inc. misdating / backdating reports (updated)

Headline in EETimes, Electronics Supply & Manufacturing and InformationWeek articles by Dylan McGrath:

Rambus Expects $200M In Options Charges

Rambus reported that its board of directors audit committee found a significant number of the company's stock option grants weren't correctly dated or accounted for. from Blomberg News:

Rambus Acknowledges Misdated Option Grants

The $200-million estimate is preliminary and doesn't include tax consequences of the option grants, Chief Financial Officer Satish Rishi said in a conference call with analysts.
the inquirer:

Rambus takes hit over share option grants

$200 million wrongly allocated Rambus Says CFO, CEO Are in the Clear

In its announcement Thursday, Rambus noted that the board of directors and audit committee "have full faith in the integrity" of CEO Harold Hughes and CFO Satish Rishi. Hughes has been CEO since January 2005; Rishi has been CFO since April 2006. The findings of the investigation, the company's statement noted, "do not implicate them in any misconduct."


Red Herring

Chip technology company clears current CEO and CFO in stock options-backdating probe.

Rambus spokesperson Linda Ashmore declined to elaborate on details beyond the company’s official press release.

The company has appointed a special litigation committee to respond to several shareholder lawsuits and has appointed Heller Ehrman LLP as independent legal counsel, and Heller Ehrman LLP has engaged the outside accounting firm of Ernst & Young LLP to assist in the investigation.

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