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SEC Spotlight on Forrester Stock Options
The Securities and Exchange Commission (SEC) has initiated a formal investigation into technology analyst Forrester Research's stock option granting practices, following the discovery of financial irregularities back in December.
Option grants, mainly made between 1998 and 2004, were found to have had exercise prices lower than the fair value of the common stock on the appropriate dates. This resulted in the firm having to restate its historical financial statements (www.mrweb.com/drno/news6522.htm ).
In May Forrester received its second Nasdaq non-compliance warning for not filing its first quarter financials (www.mrweb.com/drno/news6733.htm ). The firm then appeared at a Nasdaq hearing and presented a plan for compliance, asking to be granted additional time to comply with Nasdaq listing requirements.
Forester is now allowed to continue listing its shares on the exchange so long as it files non-compliant reports with the SEC and any restatement of historical financial reports by 12 September. The firm continues to cooperate both with the SEC's investigation and with its informal request to hand over documents and related information.
Web site: www.forrester.com .
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