SafeNet Raises Hand, Concedes “Likely” Improper Accounting of Stock Options

Information-security vendor SafeNet has completed at least part of its internal investigation into stock-option backdating at the company, disclosing that it will restate 2002 earnings because stock options assigned to directors, officers, and employees were "likely" improperly documented.

According to a Reuters report, the company says a special committee investigating the matter has retained independent counsel and forensic accountants to assist the probe.

There could be more fallout from this matter, and it has the potential to seriously affect SafeNet’s heretofore aggressive acquisition strategy.

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