More corporate monkey-business.
Antivirus and security software provider McAfee Inc. on Wednesday said it fired President Kevin Weiss, and announced that CEO and Chairman George Samenuk will retire after a stock options investigation found accounting problems that will require financial restatements.
If I never hear the phrase "accounting problems" again, that would be fine with me.
That corporate cookie jar must really be tempting. Everyone seems to be getting caught in it.
McAfee said it determined it will need to restate certain financial results to record additional non-cash charges for stock-based compensation expense over a 10-year period. The charges are likely to range between $100 million and $150 million, the company said.
This is another in a long line of corporate scandals.
It is one of many companies to run into problems by backdating options to days when the company’s stock price was lower, thus boosting executive payouts. At least 130 companies have disclosed SEC, Department of Justice or internal investigations into options practices, according to a review by The Associated Press.
Want to wager your next upgrade of Norton will be a bit pricier?
Why is a chorus of "Teach your children well." suddenly running around my head?
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