RIM to Restate $250M After Options Review

BlackBerry maker Research in Motion (RIM) (Quote) said it is undergoing an executive-level restructuring on the news it will restate $250 million for fiscal year 2004, 2005, 2006 and part of 2007.

Although a special committee found no intentional misconduct by RIM directors or officers, an internal review pointed to accounting errors and a process marked by informality and lack of documentation, the company said.

RIM officials said it missed the March 3 deadline for filing restated financial reports with the Securities and Exchange Commission (SEC). The company will file “as soon as practical” after finishing its accounting review, RIM said in a statement.

The company said it will split the roles of chairman and CEO; Jim Balsillie resigned as chairman but will remain co-CEO with Michael Lazaridis. The two also gave RIM $5 million to help offset the restatement cost.

Two directors on RIM’s compensation committee said they won’t stand for re-election. RIM also moved CFO Dennis Kavelman to COO and expanded the board from seven to nine members.

“We are treating this issue very seriously and have already made significant progress in rectifying this matter,” Balsillie and Lazaridis said in a joint statement. RIM was not immediately available for comment.

This article was first published on InternetNews.com. To read the full article, click here.

RELATED NEWS AND ANALYSIS

• Huawei’s AI Update: Things Are Moving Faster Than We Think

  FEATURE |  By Rob Enderle,
  December 04, 2020

• Keeping Machine Learning Algorithms Honest in the ‘Ethics-First’ Era

  ARTIFICIAL INTELLIGENCE |  By Guest Author,
  November 18, 2020

• Key Trends in Chatbots and RPA

  FEATURE |  By Guest Author,
  November 10, 2020

• Top 10 AIOps Companies

  FEATURE |  By Samuel Greengard,
  November 05, 2020

• What is Text Analysis?

  ARTIFICIAL INTELLIGENCE |  By Guest Author,
  November 02, 2020

• How Intel’s Work With Autonomous Cars Could Redefine General Purpose AI

  ARTIFICIAL INTELLIGENCE |  By Rob Enderle,
  October 29, 2020

• Dell Technologies World: Weaving Together Human And Machine Interaction For AI And Robotics

  ARTIFICIAL INTELLIGENCE |  By Rob Enderle,
  October 23, 2020

• The Super Moderator, or How IBM Project Debater Could Save Social Media

  FEATURE |  By Rob Enderle,
  October 16, 2020

• Top 10 Chatbot Platforms

  FEATURE |  By Cynthia Harvey,
  October 07, 2020

• Finding a Career Path in AI

  ARTIFICIAL INTELLIGENCE |  By Guest Author,
  October 05, 2020

• CIOs Discuss the Promise of AI and Data Science

  FEATURE |  By Guest Author,
  September 25, 2020

• Microsoft Is Building An AI Product That Could Predict The Future

  FEATURE |  By Rob Enderle,
  September 25, 2020

• Top 10 Machine Learning Companies 2020

  FEATURE |  By Cynthia Harvey,
  September 22, 2020

• NVIDIA and ARM: Massively Changing The AI Landscape

  ARTIFICIAL INTELLIGENCE |  By Rob Enderle,
  September 18, 2020

• Continuous Intelligence: Expert Discussion [Video and Podcast]

  ARTIFICIAL INTELLIGENCE |  By James Maguire,
  September 14, 2020

• Artificial Intelligence: Governance and Ethics [Video]

  ARTIFICIAL INTELLIGENCE |  By James Maguire,
  September 13, 2020

• IBM Watson At The US Open: Showcasing The Power Of A Mature Enterprise-Class AI

  FEATURE |  By Rob Enderle,
  September 11, 2020

• Artificial Intelligence: Perception vs. Reality

  FEATURE |  By James Maguire,
  September 09, 2020

• Anticipating The Coming Wave Of AI Enhanced PCs

  FEATURE |  By Rob Enderle,
  September 05, 2020

• The Critical Nature Of IBM’s NLP (Natural Language Processing) Effort

  ARTIFICIAL INTELLIGENCE |  By Rob Enderle,
  August 14, 2020