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Source: www.scmagazineus.com/McAfee-settles-lawsuit-for-14-million/article/100219 August 30, 2008 - content has not been altered. Links have been removed. |
McAfee settles lawsuit for $14 million Dan Kaplan December 27, 2007
McAfee
McAfee revealed that it will take on $137.4 million in additional charges from between 1995 and 2005, according to a statement released Friday.
In addition, the company announced it has budgeted $13.8 million to cover the settlement of lawsuits filed in 2006 related to the backdating scandal – a term used when executives alter the grant date of stock options so that they can be purchased at a lower price and subsequently sold for higher gain.
McAfee announced in July 2006 that it was suspending its stock options in light of a federally spurred internal investigation into backdating practices. At least seven employees sued the security giant
Around the same time, McAfee fired its president, and its chief executive officer
McAfee said Friday it plans to launch a share repurchase program, meaning the company would buy back a number of outstanding shares, thus boosting the value of remaining shares.
In March of this year, the board of directors named Dave DeWalt as McAfee's new president and CEO.
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