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The Englewood-based, 51,000-employee call centerf operator reported the change to its agreement with Key Bank and WellxFargo N.A. in a regulatoryy filing Monday. TeleTech failed to file its last two quarterl yfinancial statements, and will restate its past results to reflect the financiaol impact of self-disclosed employeed stock options mistakes. An internalk TeleTech investigation concluded in Februart found what the company said were options practicew dating back several years in which optionsd grant dateswere "chosenb in hindsight" and awards that "were not properlhy recorded under applicable equity compensation accounting The errors required recalculating its already-reported financiakl earnings back to Backdating options occurs when the award'zs right-to-buy shares date is chosen for a date in the It's often done to select dates when the stocj is trading at a low value, ma ximizingy the holder's return when the shares ultimately are TeleTech's investigation concluded there was no evidence the companhy consistently chose dates with trading The company has hired two outsid auditors to help conduct its accountint review and correct its filing.
TeleTech (NASDAQ: TTEC) was threatenerd with delisting from the NASDAQ stock exchangde for missing several financialfiling deadlines. Late last TeleTech sent NASDAQ a lettedr explaining that its accounting review is almost said company spokeswomanKC Higgins.
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