BusinessCompany NewsBlackberry to restate £128.5m in earnings

Blackberry to restate £128.5m in earnings

Blackberry maker, Research In Motion, to restate £128.5m in earnings after stock option probe

Research In Motion , the
maker of the Blackberry
, will restate $250m (£128.5m) in earnings following a seven-month probe
into back-dating of stock options.

The FT
reports that Jim Balsillie, co-chief executive, will step down
following the restatement. Balsillie and fellow chief executive Mike Lazaridis,
have also agreed to pay around $5m each to help cover the costs of the probe and
restatements.

Research In Motion is one of the best-known of more than 200 North American
companies caught up in the options scandal. Backdating options involves
manipulating grant dates for executive options to maximise their value.

Further reading:

US attorney general to probe Apple stock options

Restatement takes bite out of Apple accounts

Former Apple CFO to be probed

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