Rambus Inc. offers to reprice options

In an effort to "give our eligible employees the opportunity to avoid potentially unfavorable tax consequences under Section 409A of the United States Internal Revenue Code of 1986, as amended (“Section 409A”) and similar state laws" Rambus Inc. is offering to amend their mispriced options by either:

1) Increasing the exercise price per share of these options to the fair market value per share of our common stock on the date these options were granted; of

2) Making a “fixed date election” to delay the first date on which these options may be exercised to a calendar year of the option holder’s choosing (or earlier, if certain specific events occur prior to the selected calendar year).

The offer expires November 15, 2007 at 9:00 p.m.

Laura Stark, our Senior Vice President, Platform Solutions, and Kevin Donnelly, Senior Vice President, Engineering. Ms. Stark and Mr. Donnelly are eligible to participate in this offer because they were not executive officers of Rambus as of the respective grant dates of the mispriced options they hold.

If we receive and accept elections from eligible employees of all options eligible for this offer, subject to the terms and conditions of this offer, we will amend options to purchase a total of approximately 4,045,034 shares of our common stock, or approximately 3.9% of the total shares of our common stock outstanding as of October 12, 2007.

Joe's links

Mercury Interactive (acquired by Hewlett-Packard last year for $4.5 billion in cash) settled its stock-option backdating class-action. The settlement of $117.5 dwarfs the next largest backdating class-action settlement reached by Rambus Inc.

Earlier this year, Mercury paid agreed with the SEC to a fine of $28 million. The SEC has suits pending against former Mercury executives for securities fraud. More at SiliconValley.com.

Notebooks outsold desktops 64 to 36 in a bundle of 100 in the final quarter of 2006. Read more at TG Daily.

U.S. Corporate litigation was down 2005-06 according to Litigation Trends Survey conducted by international law firm Fulbright & Jaworski L.L.P. Details here.

Rambus Inc. is and will be pimping its wares. Intel Developer Forum, Rambus Developer Forum, Denali MemCom and another Rambus Developer Forum. Details here.

Inside Intel an interview of Pat Gelsinger, senior vice president and general manager of Intel’s Digital Enterprise Group. "We do the core. That’s what we do. But the other things we put around it—that’s up for negotiation." Read more at EDN.

Overclocked liquid cooled freaks from the Rambus Developer Forum at the Inquirer. The geek who put together my computer and spent five minutes expounding on the included thermal analysis tool will love the one . . .

Read about America's Grassroots Motorsport - yes, racing lawmowers.

IBM, AMD, Nvidia, Intel on the future of gaming processors here.

Blame the word crunchers?

Who is to blame for the option backdating mess? The lawyers CFO asks?

Reader Firozali A. Mulla of East Africa believes that lawyers "are all liars of the frits (sic) degree" and "are prone to slip in the criminal element by reading the (sic) in between the lines." The accountants should not listen to the lawyers because "We are the number crunchers. They are the word crunchers. We do not mix with lawyers who are assigned to seal and take an oath that may be farced (sic)."

Rambus Inc. - Report of the Special Litigation Committee of the BOD

Just a few highlights / low lights that jumped out of the report:

"The financial costs to the Company of the investigation, restatement, and litigation are substantial." (p.1)

"After an exhaustive investigation and careful consideration, and in the light of settlement agreements it has reached with several individuals, the SLC finds that it is in the best interest of Rambus that all claims should be terminated and dismissed with prejudice against the named defendants in the derivative actions with the exception of claims against Ed Larsen - the Company's former Vice President of Human Resources." (p.1)

"The SLC intends further to ask the court to stay proceedings against Mr. Larsen until any related governmental inquiries have been concluded." (p.1)

"The SLC believes that the aggregate value of the settlements discussed herein exceeds $6.5 million in cash and cash equivalents and substantial additional value to the Company relating to the relinquishment of claims to over 2.7 million stock options." (p.2)

"The SLC has found no evidence of any bad faith or improper behavior by Mr. Hughes concerning the matters under review, and during his tenure as Chief Executive Officer there have been no material instances of improperly dated stock options at the Company." (p.3)

"While Dr. Horowitz received one insubstantial mispriced stock option grant in his capacity as an employee, the evidence does not suggest that he had any role in or awareness of that mispricing, and Dr. Horowitz has voluntarily agreed to the repricing of that grant." (p.3)

"The SLC's conclusions are based upon its mandate to choose the course of action that, in the exercise of the SLC's business judgment, it is in the best interest of Rambus, taking into account the merits of all potential claims against the named individuals, the costs of pursuing such claims as present a reasonable likelihood of success, and the balance of advantages and disadvantages possible for the Company from proposed settlements of the claims." (p.5)

"The Stock Option Committee of Rambus's Board of Directors was authorized to approve and administer the issuance of stock options to the Company's non-executive employees. A separate committee of the Board, the Compensation Committee, was charged with approving stock option grants to executives." (fn.2, p.6)

From 1999 through 2003, there was a regular practice for grants to new hire non-executive employees of selecting as the grant date that date between the employee's start date and the end of the quarter on which the closing price of Rambus stock on the Nasdaq market was the lowest." (p.7)

" . . . the SLC has determined that it is not in the Company's best interest to set forth in a public report the specific factual findings relating to its conclusions due to ongoing pending litigation matters." (fn.3, p.7)

"The personal involvement by the members of the SLC in their evaluation of this matter has been exhaustive, involving an in-depth review of a significant volume of documentary evidence, both hard-copy and electronic, as well as participating in or reviewing memoranda of interviews of the relevant Rambus personnel." (p.13)

" . . . the Audit Committee identified, collected, and reviewed over 1.5 million electronic documents and hundreds of thousands of pages of hard-copy files from 39 current and former employees and directors." (p.14)

"With respect to electronic documents, the Audit Committee imaged and search the hard drives of 27 individual custodians and collected and reviewed documents from the shared drives of the Company's human resources, finance, and legal departments." (p.15)

" . . . the Audit Committee, and in some instances Audit Committee members themselves, conducted interviews of over 50 individuals who potentially had relevant knowledge . . ." (p.15)

"The factual investigation and accounting analysis phase of the Audit Committee's investigation took over four months." (p.17)

" . . . encompassed approximately 210 separate stock option granting actions relating to approximately 49 million underlying shares." (p.17)

"In-person or telephonic meetings of the SLC were held on at least 20 occasions, and members of the SLC had numerous additional discussions with counsel . . . " (p.18)

Ed Larsen. "The SLC concludes that it is in the best interest of the Company that the claims asserted against Mr. Larsen be maintained in the consolidated derivative litigation." (p.19)

Robert Eulau. "The SLC has concluded that certain of the claims asserted against Mr. Eulau may have merit, but also recognizes the inherent uncertainties and costs of litigation" (p.19). " . . .Mr. Eulau will make a cash payment of $463,256.67. This amount constitutes over 60% of the after tax amount of benefit Mr. Eulua received from improperly priced stock option grants he received in 2001." (p.20)

Geoff Tate. "The SLC has concluded that certain of the claims asserted against Mr. Tate in the derivative actions may have merit, but also recognizes the inherent uncertainties and costs of litigation." (p.20) "The SLC also took note of the fact that, although Mr. Tate received mispriced options during his tenure, he did not exercise the vast majority of those options. Prior to the cancellation of Mr. Tate's options, Mr. Tate executed approximately 28,000 stock options out of the more than 2.7 million that he was granted since the time of the Company's IPO." (p.21) "The SLC has also concluded that Mr. Tate participated in the approval of misdated stock option grants. . . However, the SLC also concluded that it was reasonable for Mr. Tate to believe that Ed Larsen, the Senior Vice President, Administration, was handling the Company's stock option grants in accordance with the appropriate legal and accounting rules for stock option grants and understood the Company's actual practices." (p.21). . . "While Mr. Tate did not develop the relevant policies, and was not responsible for the accounting judgments, he feels a sense of responsibility as Chief Executive Officer and, given his long tenure and relationship with the Company, readily agreed to assist the Company in defraying some of the expense it has incurred." (p.21) . . . "whereby Mr. Tate will make a cash payment of $3.9 million and will relinquish any claims, rights, or interests he may have in the Rambus stock options he was previously granted but which were unexercised as of the time of his resignation from the Board. The original Black Scholes calculations for the grants in question resulted in a valuation of over $43 million . . ." (p.22)

Gary Harmon. (CFO March '93-middle '01) "The SLC has concluded that certain of the allegations against Mr. Harmon in the derivative actions may have merit . . . while Mr. Harmon did receive some mispriced options, his actual realized financial benefit from those options was less than $50,000 . . . the Company and Mr. Harmon entered into an agreement . . . whereby Mr. Harmon will pay $100,000 to the Company." (pp.22-23)

J.Thomas Bently, Sunlin Chou, PhD., & Abraham D. Sofaer. "There is no evidence that would support any claim of wrongdoing or unjust enrichment by any of these individuals. . . The SLC therefore concludes that it is in the Company's best interest that these claims be terminates." (pp. 23-24)

Harold Hughes. "The SLC has concluded that pursuing the claims asserted against Mr. Hughes in the derivative actions would be unjustified on the merits . . . and would also entail significant costs to the Company. Further, because of Mr. Hughes' extremely important role at the Company, such litigation would be highly disruptive of the ongoing conduct of the Company's business. As CEO, Mr. Hughes is critical to the execution and implementation of the Company's business strategy and is responsible for its key customer relationships. Accordingly, the SLC has concluded that those claims should be dismissed." (pp.24-25)

Mark Horowitz. "The SLC has concluded that pursuing the claims asserted against Dr. Horowitz is the derivative actions would not only be unjustified on the merits . . . but would also entail significant costs to the Company . . . SLC has concluded that those claims should be dismissed." (p.31) "The SLC found no evidence of any bad faith or improper behavior by Dr. Horowitz. (p.32) "Again, the evidence does not suggest any failure on Dr. Horowitz's part to act in good faith or any sustained or systematic failure on his part to exercise oversight. Moreover, there is no evidence that Dr. Horowitz engaged in self-dealing." (p.35) "The mispriced options Dr. Horowitz received were granted in April 2001 . . . Dr. Horowitz has voluntarily agreed in principle to the repricing of the options in question." (p.36)

David Mooring. "The SLC has concluded that most of the claims asserted against Mr. Mooring in the derivative actions have not merit . . . evidence indicates that Mr. Mooring had minimal responsibilities relating to the stock option granting process, and no role in the approval of his own stock option grants . . . no evidence that Mr. Mooring had any awareness that the stock option granting process was flawed . . . the Company and Mr. Mooring entered into an agreement . . . whereby Mr. Mooring will deliver to the Company 163,333 shares of the Company's stock." (pp.37-38)

William Davidow, PhD., Bruce Dunlevie, P. Michael Farmwald, PhD., Charles Geschke, PhD., and Kevin Kennedy, PhdD. "The SLC concludes that the derivative claims asserted against these individuals are without merit. The SLC has also concluded that it was reasonable for members of the Compensation Committee to have relied upon teh Company's former Senior Vice President of Human Resources and former Chief Financial Officers to ensure that the Company's procedures for issuing and accounting for stock option grants were appropriate." (p.44)

John Danforth. "The SLC concludes that it is not in the best interest of the Company to pursue the claims made in the consolidated derivative actions against Mr. Danforth . . . that the derivative claims asserted against Mr. Danforth would not succeed . . . that pursuit of the derivative claims against Mr. Danforth would have negative consequences for the Company . . . Accordingly, the SLC concludes that it is in the Company's best interest that these claims be dismissed." (p.49) "The SLC found no evidence of any bad faith or improper behavior by Mr. Danforth . . . did not knowingly engage in any improper activity relating to the stock option matters investigated by the SLC." (p.50) "Mr. Danforth did receive one option grant which the Company now believes was mispriced, but the lack of evidence that he was aware of the mispricing undermines the notion that his retention of those options would be against the fundamental principles of justice or equity and good conscience . . . Mr. Danforth has voluntarily agreed to reprice a portion of his mispriced options, and has reached an agreement in principle to settle with the Company any claim for reimbursement of I.R.C. (section) 409A liability." (pp.51-52)

Laura Stark. " . . . there is no evidence that Ms. Stark had knowledge that the Company's stock option granting process was flawed or that the accounting for the stock options was improper . . . the SLC concludes that it is in the Company's best interest that these claims be terminated." (p.54) "While Ms. Stark received several mispriced stock option grants, there is no evidence that she was involved in the approval of her own grants" (p.56) "Ms. Stark has agreed in principle to the repricing of her unexercised options, substantially mitigating the cost to the Company of the mispriced options she was granted and has voluntarily not taken advantage of the 409A reimbursement made available to other current employees." (p.57)

Subodh Toprani "Mr. Toprani had no role in the stock option granting process at Rambus, and there is no evidence that Mr. Toprani had knowledge of any improperly dated options." (p.59) "Accordingly, the SLC concludes that it is in the Company's best interest that these claims be terminated." (p.60) "Mr. Toprani did receive several mispriced option grants, but the lack of evidence that he was aware of the mispricing undermines the notion that his retention of those options would be against the fundamental principles of justice or equity and good conscience." (p.62)

"For the foregoing reasons, the SLC concludes that, in the best interest of the Company, the claims against Ed Larsen should be pursued in the consolidated derivative action pending in the United Sates District Court for the Northern District of California and that the SLC should assert control over the litigation of such claims. The SLC concludes that the claims alleged against the remaining defendants should be terminated." (p.64)

Look mom, no hands - option backdating

The defense of Steve Jobs in the option backdating at Apple and Pixar appears to be buttressed on evidence that Mr. Jobs was not caught with his hands in the backdated options cookie jar - although Mr. Jobs reportedly knew about the jar and perhaps even opened it so that others could reach inside.

At Rambus Inc., former CEO Geoff Tate and reported sole member of the options awarding committee, has thus far taken the heat for Rambus' backdating fiasco by either falling on the sword of his own accord or perhaps he was pushed.

I admit, a part of me admires a man who takes one for the team . . .

Read about Mr. Jobs at News.com.com.

Rambus Inc. celebrates Christmas in July

. . . courtesy of Board of Directors (Board) of the Nasdaq Stock Market.

Unable to get its act together, Rambus Inc. continues to delay putting its financial house in order and filing its restated financials. Should Rambus Inc. miss the July 18, 2007, deadline imposed by Nasdaq Listing and Hearing Review Council (Council) to file its delinquent quarterly and annual reports, the "Board has determined to stay the decision to suspend the Company’s securities from trading, pending further consideration from the Nasdaq Board." Press release linked here.

HT to Rambus Inc. It pays to have friends in high places . . .

Abraham, where are thou?

Abraham Sofaer was named to the board of directors at Rambus Inc. in May, 2005:

"Abe brings an extremely impressive background and a wealth of knowledge to our board," said Geoff Tate, chairman of the Rambus board of directors. "His multiple past roles in the U.S. legal system and government and his current role on the boards of two companies with strong IP positions provide us highly useful perspectives and a wealth of experience. We very much look forward to working with Abe as we move forward with our strategic business objectives." (Rambus press release.)

Since "Abe" has arrived it is unclear how the "extremely impressive background" and "wealth of knowledge and experience" has benefited the shareholders of Rambus Inc.

Abe was the man that Any Donkey (and others) believed was the credibility and genius that would provide Rambus with a successful conclusion of its litigation, signing of license agreements and cleansing of the slime tossed by Judge Payne. I expected too much.

Two years later, Rambus Inc. remains deeply mired in litigation on increasing fronts which move at glacial speed.

Rambus Inc. is frozen in a option backdating investigation financial restatement funk.

Subsequent to the arrival of Abe, the general disrespect Rambus Inc. apparently harbored for its shareholders without parking spaces became public when CEO Harold Hughes told shareholder John Dowd to buy Coke if he didn't like how Rambus Inc. planned on passing out options to motivate its employees. Ramboids were still fuming when Rambus disclosed that it had passed out options improperly at an estimated "non-cash" cost to shareholders of approximately $200 million.

Months later the estimate remains an estimate as shareholders have ridden the roller coaster known as "Potential De-list". Deadlines pass without a word from Rambus. Shareholders are left in the dark about the process until the process is long down the road. Disrespect.

Now Abe's name surfaces in an article by Justin Scheck about Marvell Technology Group Ltd. option backdating problems. (It appears that Marvell has similar problems to Rambus, maybe worse.) Abe, reportedly was hired to investigate the investigation. Abe's not talking.

Abe, please solve the problems at home before taking your talents down the street.

HT Justin Scheck

Rambus Inc. lists another day & then some

Ramboid sigh in relief upon the announcement that the Nasdaq Listing and Hearing Review Council has granted Rambus Inc. an exception, under Rule 4802(b), to demonstrate compliance with the Nasdaq Stock Market continued listing requirements, including the requirement that Rambus provide Nasdaq with reports filed with the SEC within the time periods required by SEC rules, until July 18, 2007.

Read the complete press release at Rambus.com linked here.

InvestorVillage poster TDOX cringes as he worries how he will celebrate his birthday.

Rambus Inc., its first four dates

Rambus Inc. received four notices of non-compliance from NASDAQ due to the delay in the filing of its Quarterly Report on Form 10-Q for four consecutive quarters.

May 14, 2007

August 14, 2006

November 15, 2006

March 6, 2007

Read the press release at Rambus Inc.

Rambus intends to file its Form 10-K and required Forms 10-Q as soon as practicable following the conclusion of the review and the completion of its restatement.

The Company is working diligently to complete all necessary filings and thereby demonstrate compliance with all applicable requirements for continued listing on the NASDAQ Global Select Market . . .

I am crossing my fingers and hoping it's soon.

Shareholder lawsuits fizzle

John Shinal for MarketWatch writes about the options-backdating litigation:

. . . investors hoping to gain recompense through options-backdating lawsuits are going to be disappointed

The granting of special pricing treatment to employees -- from executives as famous as Steve Jobs to anonymous rank and file workers -- is just another reminder that not all shareholders are created equal.

IHUD - Rambus Inc. for more.

HT to ThreeJack.

PricewaterhouseCooper LLP - legally off the backdating hook?

PricewaterhouseCoopers LLP (PwC) wants to be dismissed as a defendant in the amended complaint of the Rambus Inc. securities litigation. The PwC motion includes such gems as:

Statute of limitations - plaintiffs are too slow in asking the court for relief. This is the escape hatch that may used by a bad actor who is clever or fortunate enough to have bad behavior remain undiscovered long enough so as to escape justice in this dimension. High fives all around the office and the E & O carrier sighs in relief.

Failure to allege sufficient facts - establishing a strong inference of fraudulent scienter (mental state characterized by an intent to deceive, manipulate, or defraud) by PwC. It is not enough to allege that PwC failed to notice and report the backdating of the options. Mere incompetence (if present) is not the same a fraudulent scienter. Ramboids, if you think the auditor was incompetent, check the appropriate box before mailing in your proxy.

PwC statements are primarily statements of opinions not statements of fact. This is exactly what the average investor thinks about an auditor's opinion- that it is an opinion that is not worth the paper it is written on . . . certified public accountants wonder why few tears are shed when their firms are hit with lawsuits.

There's more, like the allegation PwC makes that the Lead Plaintiff wasn't harmed . . . "mean trading price of Rambus stock in the statutory bounce-back period following the alleged corrective disclosures was greater than the price at which the Lead Plaintiff purchased his stock." (Page 19, beginning at line 5)

Maybe Rambus Inc. should backdate another $200 million worth of options if it makes the price of the stock climb . . . .

Read the PwC motion at Rambus.com linked here.

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

Harold Hughes, where is the restatement?

. . . would that be for or to the "C" Suite of Rambus Inc.?

Ramboids wonder . . .

HT FinzToRite.

Using your passport . . .

Came across this a few months ago while contemplating the burgeoning option backdating epidemic . . .

Something tells you that the United States federal government wants you.

You have two choices. You can ignore the rumors, hiding under the covers, hoping that it's all a bad dream. You can pretend that your coworkers aren't being asked questions by the FBI. You can try to rationalize your situation, dismissing all the signs that point to an imminent indictment. You can even tell yourself that whatever it is they think you've done, it's just a minor thing and the feds won't really care about you.

Or you can take charge.

Read more at International Extradition Blog.

How many million does it take to draw the attention of the FBI?

Rambus Inc., restatement coming soon?

Stock up.

Hat to The Croaker Blog for finding the product.

Sony shipping Playstation 3's

Sony claims it is on track to have shipped to North America 2,000,000 Playstation 3 units by the end of March (2007). This will help alleviate the "shortage." Apparently, the "shortage" isn't in all parts of North America - see Penny Arcade's efforts to collect a PS3 bounty.

Shortage or not, Sony is doing a better job delivering the product in quantity as compared to PS2.

Read more at DailyTech.

Ramboids await quarterly reports so that they can attempt to determine Rambus's royalty take. And, Ramboids await restatements so that they can determine how deeply they were raped with backdated options . . .

HT Pinehurst Joe.

Rambus Inc., backdating class action

The Consolidated Amended Class Action Complaint For Violation Of Federal Securities Laws weighs in at 124 pages without exhibits.

In short, it alleges that Rambus Inc., certain of its officers, directors and Rambus' public accountant during the period, mislead the investing public.

The class period is December 4, 2001 - July 18, 2006, inclusive.

The class members (victims) are those "persons who suffered damages through the purchase of securities of Rambus Inc., including sellers of Rambus put options during the Class Period."

" . . . long running practice, which began in 1998, resulted in, among other things, drastic and material overstatement . . ."

" . . . the enormity of the amounts of money involved, in relation to the size of the Company's revenues, the audacious way it was conducted by the top executives of the Company . . . "

" . . . an immediate profit without having to work to improve the Company's stock price performance."

" . . . Plaintiffs intend to further amend and/or supplement their complaint to plead new and supplemental facts concerning the restated financial statements for the financial results during the Class Period once such documents are filed by Rambus and made publicly available."

" . . . PWC (Pricewaterhouse Coopers) was paid in excess of $2.5 million for the period of 2001 through 2005 for its auditing, accounting and consulting work for Rambus . . . "

"PWC knew, or recklessly disregarded, that Rambus' financial statements were false and misleading and contained material departures from GAAP."

"The staggering materiality is underscored by contrasting the $200 million understatement of expense related to improperly backdated options with the less than $120 million in cumulative net income (before taxes) reported by Rambus from 1998 through the most current 2006 quarterly report."

"This is exacerbated by the fact that PWC was hired specifically to audit the deficient internal controls and, despite being paid more than $1 million for those audits, failed to raise any red flags whatsoever regarding Rambus' manifestly flawed control system."

"But for the gross negligence and/or reckless disregard of the accountant defendant, PWC, Rambus would have been required to correct the overwhelmingly material misstatements and omissions attributable to is misconduct regarding the option backdating scheme."

Donkey Notes:

Complaint alleges certain insiders sold approximately 2,295,099 shares "while in possession of materially adverse non-public information regarding the backdating stock options scheme . . ."

Naughty knowledge is naughty knowledge.

Total proceeds (complaint describes as "spectacular proceeds") $177,101,582. It should be noted that this is gross proceeds. Gross indeed . . .

And remember, when Martha Stewart went up the river, she went for the cover up that ensued following her trade of ImClone shares - not for the trade itself. I have it on good authority, Lompoc is beautiful outside the walls, but not a heck of a lot of beauty within.

LTL Ramboids are losing their faith

Until Rambus Inc. is able to come down the mountain with the truth regarding its option backdating mess, many of the former faithful will dance around the golden calf. It is not pretty.

Regina expressed sentiments shared by the throng:

With all due respect Dave

1) I've seen one to many coinky dinks with Rambus through the years

2) If you look through the history, since long before you were even a shareholder (but I was), I can tell you that Rambus has a very bad record of having granted options to themselves before every major catalytic event and then even worse....dumping massive shares into the open market at those peaks. Even when it was obvious and openly talked about here on the board, they showed no shame in their game or regard for shareholders and continued the glutton-like behavior.

So, yes, once bitten twice shy or "fool me once, shame on you, fool me twice, shame on me". I am going to scrutinize every move those bastards make and sit right next to John Dowd at the next shareholders meeting. Only...I'm bringing a bullhorn to be sure they hear me. They have to work hard to win my confidence back. I DO believe in the business model and the tech, but I am less than thrilled with management.

Click here: RMBS: Message Board for Rambus, Inc. - InvestorVillage

Image Credit: World Missions Clip Art Collection.

Rambus Inc. Song of the Day

Monotonal Satish informed us that Rambus management could not meet the deadline to clean up their options backdating scandal. All the while, the share price languishes under the threat of delistment.

But, of course, management has the time to do the math to dole out the next round of options. Essentially, Rambus management just extended a giant middle finger to their shareholders .... yet again.

That's the .......

"Way I Feel" by Charlie Musselwhite (1979)

Charlie Musselwhite -- Harmonica According to Charlie

Submitted by FinzToRite.

Option backdating

The Rambus Backdating Re-statement Team? As hard at work as they must have been these past 7 months!!

Submitted by FinzToRite - the guard dogs on duty at FTR Estate.