Update.. Kevin Weiss Fraud Unfounded
McAfee fired their president Kevin Weiss after allegations of a stock-options investigation.
As well the McAfee's CEO stepped down in the wake of this investigation. An investigation by a McAfee special committee of the company's board of directors into the way that certain stock options were granted in the last 10 years lead to the accusations.
The accusations of a Kevin Weiss fraud or scandal turned out to be unfounded and untrue.
IIt has been reported by CNet News that Kevin Weiss was “exonerated of wrongdoing in a stock option back dating scandal” by virtue of “an arbitration award that cleared him of wrongdoing and ordered McAfee to pay damages for firing him without proper cause.” As a result, the courts have decudd there never was a Kevin Weiss Fraud.
There is also a Wikipedia article on McAfee which also states that Kevin Weiss was exonerated of all wrongdoing.
The committee found that McAfee will need to restate some of its historical financial results, which will result in a charge of at least $100 million to the company.
In the past there have been many articles written about McAfee scam software but never any allegations as to a McAfee stock fraud..
In the wake of so many accounting and stick scandals It is nice to finally see someone who has been cleared of all allegations and charges.
In the prior charges it was said that between 1998 and 2000, McAfee overstated its revenues by $622 million, and in 1998 alone revenues were hiked 131 percent, or $562 million. The company paid $50 Million for the scam. All this is according to the SEC. Did this really happen?
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