Amtel completes backdating probe

Amtel Corp announced (4/30/07) the completion of its independent investigation into its stock option granting records and said the backdating will cost the company some $125 million in compensation charges. Amtel pointed its finger at former CEO George Perlegos and former general counsel, Mike Ross as being "primarily responsible" for directing the decade long backdating.

The company has also received an informal request for information relating to past stock options grants from the San Francisco district office of the SEC, with which it said today it continues to cooperate fully.

Read more at EDN.

HT Pinehurst Joe