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CNet Investigated for Stock Option Backdating

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At a glance:

The SEC as well as a US Attorney are investigating CNet Networks' stock option practices.  
 
At issue is whether options granted to executives were back-dated to show a lower share price, thereby maximizing profit for the grantee. 
 
While not illegal per se, backdating must be strictly disclosed and accounted for. 
 
Over 50 companies are now being investigated, or are investigating themselves, in relation to this practice.

CNet Subpoenaed on Option Grants

TheStreet.com - 6/27/2006 5:56 PM

CNet Networks is facing increased scrutiny for allegedly backdating stock options, the company reported on Tuesday.
 
The online publisher has received a grand jury subpoena from the U.S. Attorney for the Northern District of California asking for documents relating to its past options grants, the company disclosed on Tuesday in a document filed with the Securities and Exchange Commission. The company said it plans to "cooperate fully" with the request, which potentially could lead to criminal charges against the company or its executives.
 
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