Risk: Page 20
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geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
Take-Two’s CFO Resigns Amid Investor Ire
Take-Two Interactive Software announced that Chief Financial Officer Karl Winters resigned, effective immediately. Lainie Goldstein, who currently serves as senior vice president of finance, was named interim CFO until a permanent replacement is named. The company said a search for a permanent CF...
By Stephen Taub • April 10, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
Student-loan Execs Placed on Leave
CIT Group announced that it has placed three senior executives at its Student Loan Xpress subsidiary — vice chairman Robert deRose, chief executive officer Mike Shaut, and president Fabrizio Balestri — on administrative leave.Randall Chesler, president of CIT Consumer Finance, will assume interim...
By Stephen Taub • April 9, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
“Grand Theft Auto” Directors Driven Out
A group of powerful investors moved in on Thursday’s annual meeting of Take-Two Interactive Software and took five board seats from the “Grand Theft Auto” video-game maker.The investor group — including hedge-fund giants D.E. Shaw, SAC Capital, and Tudor Investment, as well as Oppenheimer Funds —...
By Stephen Taub and Dave Cook • March 30, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
Hedge-Fund Manager Eyes Bisys Board Seat
Outsourcing services provider Bisys Group disclosed that hedge-fund manager Ahmet Okumus has requested a seat on the board.The president of New York-based Okumus Capital and owner of 10.41 percent of the company’s shares, Okumus stated in a letter to Bisys that he has “the utmost confidence in th...
By Stephen Taub • March 27, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
Proxy-less Proxy Fight at Take-Two
A number of newly powerful shareholders of Take-Two Interactive Software, the company best-known for its blockbuster “Grand Theft Auto” series of video games, are teaming up for a relatively unusual board election at the company’s annual meeting this Thursday.Rather than mailing out proxy materia...
By Stephen Taub • March 26, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
SEC Alleges False Homeland Security Deal
A Utah-based technology company and its CEO made at least $1.5 million by disseminating false claims of a lucrative deal with the Department of Homeland Security, alleged the Securities and Exchange Commission.The commission charged that beginning in November 2005, CyberKey Solutions and its chie...
By Stephen Taub and Dave Cook • March 21, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
”Fraud Fighter” at Odds with Usana
Usana Health Sciences disclosed that the Securities and Exchange Commission has launched an informal inquiry following allegations by Barry Minkow, a felon who now heads the Fraud Discovery Institute.Usana, which makes personal care and weight management products, stated that it is cooperating fu...
By Stephen Taub • March 20, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
Our Company Right or Wrong
In mid-2005 few investors in Porsche would have guessed that only 18 months later their firm would be the dominant shareholder in Volkswagen. Then again, it is none of their business, because they have little say over the sports-car maker’s managers or strategy. The Porsche and Piëch families hav...
By Economist Staff • March 16, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
Proxy Access Defeated at Hewlett-Packard
Hewlett-Packard shareholders declined to support a much-anticipated resolution that would have given them more power to nominate board members.According to the Associated Press, the proposed bylaw amendment would have enabled shareholders who have owned at least 3 percent of Hewlett-Packard’s out...
By Stephen Taub • March 15, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
Black Shadows
Trials of the century have become an annual event in the business world, thanks to America’s wave of corporate scandals. But the trial of Conrad Black, which began in Chicago on Wednesday March 14th, may actually merit that title, at least judged as spectacle. On show will be an epic cast, led by...
By Economist Staff • March 15, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
Cosmetics Ex-CFO Comes Clean with SEC
The former chief financial officer of Del Laboratories has agreed to settle insider trading charges with the Securities and Exchange Commission.According to the SEC, Melvyn Charles Goldstein was the CFO of Del — which manufactures cosmetics and over-the-counter pharmaceuticals under brand names i...
By Dave Cook and Stephen Taub • March 15, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
Not So Good in the Neighborhood
Applebee’s International has announced that negotiations with Breeden Capital, the activist hedge fund headed by former Securities and Exchange Commission chairman Richard Breeden, have failed to secure an agreement regarding its board of directors.The hedge fund, which owns 5 percent of the comp...
By Dave Cook and Stephen Taub • March 9, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
Shareholders: Take a Hike, Take-Two
A number of newly powerful shareholders of Take-Two Interactive Software, the company best-known for its blockbuster “Grand Theft Auto” series of video games, are ready to move in on the company’s turf, or at least its board of directors. In a regulatory filing Wednesday, an investor group — incl...
By Dave Cook and Stephen Taub • March 7, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
”Cable Guy” Sentenced to Nine Years
Charles C. Hermanowski, once the co-owner of Americable International, was sentenced in a Miami courtroom to nine years in prison and fined $4 million for a scheme to divert about $50 million for his personal use, reported the Associated Press.U.S. District Court Judge Patricia Seitz credited Her...
By Stephen Taub and Dave Cook • March 6, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
Corruption Conundrum
As accusations of firms offering bribes-for-business fly around Europe — entangling CFOs and other high-ranking finance executives — it’s hard not to wonder whether corporate anti-corruption initiatives are failing. It’s been ten years since the OECD unveiled an anti-corruption convention calling...
By Janet Kersnar • March 1, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
It Tolls for Thee, Proxy Firm Tells Director
The chairman of the compensation committee at Toll Brothers will be the target of a “withhold” campaign at the homebuilder’s annual meeting, scheduled for March 14.Advisory firm Proxy Governance is recommending that shareholders withhold their vote from Carl Marbach — one of four directors on the...
By Stephen Taub • Feb. 27, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
SEC Flags Premerger Trades
The Securities and Exchange Commission settled insider trading charges against Luiz Gonzaga Murat, the former chief financial officer and director of investor relations of Sadia S.A., a Brazilian food products company. Murat was charged with buying the stock of a company Sadia planned to acquire ...
By Marie Leone • Feb. 22, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
Backdating: Not a ”Judgment Call”
The stock-options scandal has snarled CEOs, CFOs, and other corporate executives in internal and government investigations, not to mention bad press. For the most part, independent directors have managed to keep clear.Now the net seems to be widening, thanks to a pair of rulings by the influentia...
By Sarah Johnson • Feb. 20, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
Former Monster Exec Pilloried by SEC
The Securities and Exchange Commission has charged Myron F. Olesnyckyj, former general counsel of careers and recruitment company Monster Worldwide, with securities fraud for his role in backdating stock options granted to thousands of Monster officers, directors, and employees, including himself...
By Stephen Taub • Feb. 15, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
Majority Voting Goes Mainstream
A majority of the Standard & Poor’s 500 have implemented some form of majority-voting process for approving directors in uncontested elections, according to an exhaustive study by Claudia Allen of Chicago law firm Neal, Gerber & Eisenberg.Last February, Allen noted, that was true for less...
By Dave Cook and Stephen Taub • Feb. 14, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
SEC Swats Dow with Bribery Charge
Dow Chemical has agreed to pay $325,000 to settle civil charges that a foreign subsidiary made improper payments to Indian government officials.The Securities and Exchange Commission alleged that Dow violated the books and records and internal controls provisions of the Foreign Corrupt Practices ...
By Stephen Taub • Feb. 14, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
Ethics Charges Delay Datascope Filing
Datascope, which manufactures medical devices, announced that it will delay filing its most recent quarterly results while it investigates reports — including a series of charges against founder, chairman, and chief executive officer Lawrence Saper — made to its ethics hot line.The company stress...
By Stephen Taub • Feb. 13, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
Ohio AG Questions UnitedHealth Inaction
Ohio Attorney General Marc Dann is questioning the actions — or, rather, the inaction — of a UnitedHealth Group committee that is looking into possible legal proceedings against former chairman and chief executive officer William McGuire, according to published accounts.UnitedHealth’s special lit...
By Stephen Taub • Feb. 8, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
SEC Alleges Pre-merger Insider Trading
The Securities and Exchange Commission announced on Wednesday that it has charged Donald A. Erickson, former audit committee chairman of oil and gas producer Magnum Hunter Resources, with unlawful insider trading before the company’s 2005 merger with Cimarex Energy.In its complaint, the SEC alleg...
By Stephen Taub and Dave Cook • Feb. 7, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
El Paso Settles Iraq Oil-for-Food Charges
El Paso Corp. has agreed to pay about $7.7 million to settle Securities and Exchange Commission charges stemming from the United Nations Oil for Food Program in Iraq.The SEC, which first requested related documents from El Paso in December 2004, filed charges against the energy company under the ...
By Stephen Taub • Feb. 7, 2007
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