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No Hard Feelings: SafeNet CFO, CEO Quit

The information security company sends out a press release filled with love taps for two executives who are resigning in the wake of bad news about backdating.

> > SafeNet, Inc. announced that its acting CFO and its chairman and chief executive officer were stepping down as a result of an ongoing review of the stock-options-granting practices fo the company.
Safenet also had reported that material non-cash, stock-based compensation expenses linked to the option grants would have to be recorded. As a result, the company expects to restate its financials from 2000 through March 31, 2006.
Source: CFO


Published:2006-10-21
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