Rimm and its Limited Derivative Litigation

Discussion in 'Stock picks and trading strategies' started by noobtrader, Oct 28, 2007.

  1. noobtrader

    noobtrader Member

    Has anyone received the notice of settlement approval hearing paperwork in the mail for RIMM? does any one know anything about it? i think i understand it a little as far as the actions that happened.. im wondering if this is something like insider trading?

    http://www.rim.com/news/press/2007/pr-05_03_2007-01.shtml

    Waterloo, ON - Research In Motion Limited (“RIM” or the “Company”) (Nasdaq: RIMM; TSX: RIM) today provides this status update pursuant to the alternative information guidelines of the Ontario Securities Commission (the “OSC”). These guidelines contemplate that the Company will normally provide bi-weekly updates on its affairs until such time as the Company is current with its filing obligations under Canadian securities laws.

    RIM announced today the results of the voluntary internal review (the “Review”) undertaken by the Company of its stock option granting practices and related accounting. The Review was commenced under the direction of the Audit Committee of RIM’s Board of Directors, at the initiative of Dennis Kavelman, the Company’s Chief Financial Officer, with the support of Jim Balsillie, the co-Chief Executive Officer of the Company, and the executive management team amidst the heightened public awareness and concern regarding stock option granting practices by publicly-traded companies. Following the recusal of two Audit Committee members who also served on the Compensation Committee, the Review was completed by the other members of the Audit Committee, Jim Estill and John Richardson, as a special committee of independent directors of the Board of Directors (the “Special Committee”). Any references to actions by the Special Committee prior to January 16, 2007 are to the Audit Committee. The Special Committee was assisted in the Review by outside legal counsel and outside accounting advisors in both Canada and the United States. Certain of the investigative actions by the Special Committee described in this update were carried out by the outside legal counsel or outside accounting advisors under the direction of the Special Committee.



    Any information is helpful thanks guys
     
  2. optiuser7

    optiuser7 Member

    can someone tell if this means anything to people who bought the stock this year in august 2007?
     

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