BACKDATED STOCK OPTIONS
 

Shapiro Haber & Urmy LLP Now Investigating Stock Options Backdating Practices By CNET Networks

Shapiro Haber & Urmy LLP is currently investigating stock options backdating practices at over 100 companies, including CNET Networks.

Regarding CNET Networks, as reported in The Wall Street Journal, "The San Francisco operator of Web sites on May 22 appointed a special committee of independent directors to investigate option grants and their timing. On May 24, the company said it had received a letter indicating the SEC had launched an informal investigation. On June 27, CNET announced it has received a grand jury document subpoena from the U.S. attorney for the Northern District of California requesting records on its option grants. The company said on July 10 that it expects to restate financial statements for 2003, 2004 and 2005 to correct errors related to accounting for stock-based compensation. Based on the continuing review by the special committee, CNET may also restate its financial statements for earlier years and its operating results for the first quarter of 2006.  On Oct. 11, co-founder and Chief Executive Shelby Bonnie resigned as chairman and CEO after an internal probe found evidence of backdating.”

If you are a current stockholder in CNET Networks and would like to learn about your legal rights in seeking to remedy improper options backdating at the company, please click here or call 800-287-8119 to contact our paralegal, Victoria Bird.  Our initial consultation and case assessment will be done at no charge or obligation to you.

Shapiro Haber & Urmy LLP is a leading force in bringing lawsuits on behalf of shareholders who own stock in corporations implicated in the rampant and ongoing stock options backdating scandal.  Led by attorneys Edward F. Haber and Michelle H. Blauner, our firm has already filed numerous cases, in both state and federal courts, concerning the improper backdating of stock options granted to officers, directors, and executives who appear to have used backdated stock options to create for themselves tens, or even hundreds, of millions of dollars in profit and unrealized gain at the direct expense of their corporations.

To learn more about our efforts targeting unlawful corporate stock options practices at corporations nationwide, please click here to view our main stock options backdating webpage, which contains detailed explanations of stock options, option backdating, and why option backdating can be illegal.  Also featured are complaints filed by our firm in other stock options backdating cases, as well as a full list of all the corporations we are currently investigating.