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Comic for: June 8th, 2007
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Gaming News: "SEC Probes Activision"
Posted: Friday June 8th, 2007 by

Yesterday the SEC, Securities and Exchange Commission, confirmed that they would be stepping their "informal inquiry" into Activisions stock option practices up to the status of "formal investigation". Activision has responded to the allegations (of capitalize on stock value by altering the option acquisition date to a time when the stocks were less valuable) by stating that the backdatings were actually corrections to previous errors arrising from "failure to understand and apply the correct accounting rules , failure to establish and maintain adequate procedures and controls, failure on certain occasions to appreciate the implications of available information, and insufficient finality and documentation."
Source: Gamespot [ more info ]

Why is it I revert to a state of relative immaturity whenever I hear a word like "probe"? Well, despite my juvenile response the idea is still relatively appropriate. Quite a few companies lately, most notably Take-Two, have been at the end of the SEC's examinations into stock option misconduct. And a lot of companies seem to have executives that keep getting caught with their hands in the proverbial cookie jar. Lucky for me GU's cookie jar is actually a cookie jar.

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