Embarcadero’s stock-option problems cause for canceled $234M sale?
From the Mercury News:
Embarcadero Technologies, a San Francisco database-software maker, canceled its sale to Thoma Cressey Equity Partners and will restate six years of financial statements to reflect backdated stock-option grants. No fees will be paid to end the $234 million sale, which was announced Sept. 7, and a shareholder meeting to vote on it has been canceled, Embarcadero said in a statement Monday. The company said it will restate all financial results since Jan. 1, 2000. It didn’t estimate the impact of the restatements.
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