Accentuating the caveat emptor perspective with critical commentary on financial disclosure. I adopt a skeptical persona and look for chinks in the teflon coating of financial disclosure. My job is to identify financial warts. Perhaps a Black Swan. Disclosure: I do not hold positions in stocks mentioned for three trading days before or after blog post.
Thursday, October 12, 2006
Adobe Clears Itself ?
Adobe ADBE finally found irregularities in their stock option granting process. The first internal review found no problems. The last review conducted by the board with independent counsel and accountants found problems. No comment has been made as to why the in house guys declared their own laundry clean. But the board decided to conduct their own investigation. A very disconcerting finding following the second investigation was that in some cases paperwork was not 'sufficiently definitive' to determine who received grants, how many they got and when the grant was final. All this from a document management company.