Monday, May 7, 2007
Richardson-based Fossil to restate financial results after stock option backdating scandal
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Photo not provided by Fossil
Ironic that a company that makes watches should have so much trouble figuring out dates
RICHARDSON — According to this story in the Dallas Business Journal, it appears Richardson-based watchmaker Fossil plans on restating its financial records for 2004, 2005 and early 2006, after allegations came to light about stock option backdating.
Already one senior executive has resigned because of the alleged illegal activity, and many more senior executives might be reprimanded as well.
Posted by Todd M.
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