Thursday, April 5, 2007
Barnes and Noble joins the list of companies admitting to backdating stock options. It says senior management thought the practices, which extended from 1996-2006, were proper and acted on the advice of outside counsel. It also stated its internal investigation found no evidence of fraud and that restatements of financials were not necessary. See NYTimes, Online Bookseller to Take Option Charge; WSJ, Backdating Was Pervasive At Bookseller.