Research In Motion financial probe becomes formal investigation
Friday, April 13, 2007 On Wednesday, Canadian BlackBerry maker Research In Motion Limited (RIM), reported preliminary fourth quarter and year-end financial results. Despite record profits, up from US$18 million in the same quarter last year to $188 million for the current quarter, the news was dampened by the revelation that the US Securities and Exchange Commission (SEC) had formalized its investigation into RIM’s accounting practices. An internal review by RIM, initiated eight months ago, revealed irregularities with how the company accounted for stock options. On March 5 of 2007, RIM…
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