RIMM consented to an order permanently enjoining the company from violating the antifraud, reporting, books and records and internal controls provisions of the federal securities laws.
Balsillie and Lazaridis "consented to the entry of an order permanently enjoining them from violating certain antifraud provisions..the internal controls and books and records provisions and from aiding and abetting RIM's violations of the reporting, books and records and internal controls provisions of the federal securities laws." Each individual wil pay a penalty: 0,000 for Kavelman; 5,000 for Loberto; 0,000 for Balsillie; and 0,000 for Lazaridis.
Rather, the practice of backdating stock option is a non-event in Canada due to the “Backdating has occurred – Research in Motion is an example – but it doesn’t tend to be a big issue in this country.
Backdating destroys the equivalent of capital gains treatment and basically doubles your tax.
It was founded by Mike Lazaridis, who currently serves as its co-CEO along with Jim Balsillie.
Prior to the manufacture of the Black Berry, RIM worked with RAM Mobile Data and Ericsson to turn the Ericsson-developed Mobitex wireless data network into a two-way paging and wireless e-mail network.