Summary:

THQ (NASDAQ: THQI) has announced that the independent review of its stock option granting procedures has ended. The review was conducted by a special committee that found no evidence of shady dealing, but identified a few problem areas in the company’s documentation. In particular, the committee […]

THQ (NASDAQ: THQI) has announced that the independent review of its stock option granting procedures has ended. The review was conducted by a special committee that found no evidence of shady dealing, but identified a few problem areas in the company’s documentation. In particular, the committee found that THQ “misapplied GAAP by using incorrect measurement dates for financial accounting and reporting purposes on a number of occasions.”

Between the dates of January 1, 1996 through March 31, 2006, THQ will record $11 million worth “non-cash stock-based compensation expense and related tax effects.” The adjustments for 2007 will appear in the company’s quarterly report and not effect the current outcome. THQ has been fully co-operating with the SEC (Securities and Exchange Committee) in order to regain full NASDAQ filing compliance.

You’re subscribed! If you like, you can update your settings

Comments have been disabled for this post