Have you heard what exactly RIM Executives have been under fire for? Well the Waterloo, Ontario-based company supposedly backdated 1,400 options, therefore forcing a price lower than the issuance price to increase the value of the securities. The Toronto Stock Exchange prohibits this practice.
Ontario Securities Commission Vice Chairman James Turner said at a hearing in Toronto. “This was not fraud, rather it was negligence.”
Balsillie, Lazaridis, and Kavelman were ordered to pay C$44.8 million to the company for investigation costs, and will pay another C$38.3 million for the incorrectly priced options. Balsillie and Lazaridis, 47, have already paid back C$15 million, of the C$83 million ordered by the regulator.
Fine’s were what all the RIM Executives ended up with, no Bernie Madoff ponzi scheme here.
And that’s exactly what US Stock Brokers back home needed to hear to start the buying frenzy of RIMM stocks that has happened in the last 5 days, helping RIMM stock rise to a total of 41 percent this year so far. A magnificent feat by far, and amazing jump start for 1st quarter profits for Research In Motion Limited.
The Sleeping Giant known as BlackBerry got woken up after all the buzz about a certain “BlackBerry Killer phone”, and ever since RIM has been putting resources together to bring us the latest in BlackBerry’s and let the world know who reigns supreme in the Smartphone Industry.
We look forward to what RIM brings us in the near future as it appears to be a promised one, filled with new and exciting models. Let’s not forget the recently announced BlackBerry App store, RIM for once using capital to advertise the BlackBerry brand, therefore reaching out to more potential buyers, improvement of API Developer tools & Availability, Macintosh software support for the once Windows only Desktop Manager Software, plus more sure makes RIM a strong & healthy contender once again and there stocks (RIMM) and interesting one to watch out for!