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San Diego's Wireless Facilities said today (Sept. 11) that it will write down $55 million for the backdating of stock options and related irregularities that took place from the time the company was preparing to go public in late 1998 through 2003. Among many things, the move raises the company's accumulated deficit above $200 million. In July, the company's former stock options administrator pleaded guilty to illegally issuing $6.3 million of shares to a brokerage count he controlled. Yesterday, the company admitted there were options irregularities for key officials such as a former executive vice president and former chief financial officer. When "wireless" was a buzzword, the stock soared to $163.50 after its initial public offering in 2000. In July it sold its sexy wireless business and is concentrating is miscellaneous technology, including defense. The stock closed today at $2.57, down 13 cents, or 4.81 percent. In a few days, the company will change its name.
San Diego's Wireless Facilities said today (Sept. 11) that it will write down $55 million for the backdating of stock options and related irregularities that took place from the time the company was preparing to go public in late 1998 through 2003. Among many things, the move raises the company's accumulated deficit above $200 million. In July, the company's former stock options administrator pleaded guilty to illegally issuing $6.3 million of shares to a brokerage count he controlled. Yesterday, the company admitted there were options irregularities for key officials such as a former executive vice president and former chief financial officer. When "wireless" was a buzzword, the stock soared to $163.50 after its initial public offering in 2000. In July it sold its sexy wireless business and is concentrating is miscellaneous technology, including defense. The stock closed today at $2.57, down 13 cents, or 4.81 percent. In a few days, the company will change its name.