WATERLOO, Ontario, March 5 (UPI) -- Canada's Research In Motion Ltd. BlackBerry wireless device maker said Monday it would restate its results $250 million downward after a stock-options review.
The Waterloo, Ontario, company said a special committee determined all options granted between the company's 1997 initial public offering and Feb. 27, 2002, were incorrectly accounted for, as were 63 percent of the total between Feb. 28, 2002, and August 2006.
"Hindsight was used to select grant dates with favorable pricing," the company said.
The committee found no director or officer intentionally engaged in misconduct, Research In Motion said.
Co-Chief Executive Officer Jim Balsillie has stepped down as chairman, but will remain as co-CEO. Dennis Kavelman will move from chief financial officer to chief operating officer of administration and operations.
Balsillie was involved in approving grants found to have been accounted for incorrectly, Research In Motion said.
The company will require all directors and senior managers to repay, with interest, any benefits they received from the mispriced options, it said.
It is also implementing new quarterly pricing and stock-options procedures, establishing a board oversight committee and creating an internal audit department.
