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WATERLOO, ONTARIO--(Sept. 28, 2006) - Research In Motion Limited (RIM) (NASDAQ:RIMM)(TSX:RIM) announced today that the ... Smartphone News forum

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    RIM Announces Management-Initiated, Voluntary Review of Historical Stock Option Grant

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    WATERLOO, ONTARIO--(Sept. 28, 2006) - Research In Motion Limited (RIM) (NASDAQ:RIMM)(TSX:RIM) announced today that the Audit Committee of RIM's Board of Directors, comprised solely of independent directors, is completing a management-initiated, voluntary review of RIM's historical option granting practices. Following the heightened public awareness and concern regarding stock option grant practices by publicly traded companies, RIM elected to commence a pro-active review of its own practices. The Audit Committee is being assisted in this regard by outside legal counsel and by outside accounting consultants. The Audit Committee has made a preliminary determination that GAAP accounting errors were made around the administration of certain historical stock options granted from fiscal 1998 to present, and has made a preliminary determination that a restatement of RIM's historical financial statements will be required to reflect this. Although the review is ongoing, it is currently expected that the potential effect of such restatement will be to increase the amount of non-cash charges associated with past option grants and thereby reduce the amount of the Company's previously reported GAAP earnings by an aggregate amount of approximately $25-45 million over the period since the Company's IPO in 1997. The Company has voluntarily informed the SEC and the OSC about its internal review of its stock option grants. The Company does not at present anticipate a material adjustment to current or future fiscal years' operating results, including the preliminary Q2 operating results reported today in its separate earnings press release, and RIM has defined enhanced procedures and controls to address issues of this nature. All figures in U.S. dollars.

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    Re: RIM Announces Management-Initiated, Voluntary Review of Historical Stock Option Grant

    ~via BB (wap.pinstack.com)~

    R.I.M. Says It's Reviewing Stock Option Practices
    By IAN AUSTEN
    The news did not phase investors of the popular BlackBerry
    maker, who focused on the company's higher-than-expected
    net profit.

    http://www.nytimes.com/2006/09/29/bu...html?th&emc=th

    ..................

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