Costly options.Costly Options: Activision Activision, Inc. NASDAQ: ATVI is an American video game developer and publisher. It was the first independent developer and distributor of video games for gaming consoles, founded on October 1 1979. Inc. said backdated stock options issued over the past 13 years would cost the video game developer $67 million before taxes in non-cash expenses Noun 1. non-cash expense - an expense (such as depreciation) that is not paid for in cash disbursal, disbursement, expense - amounts paid for goods and services that may be currently tax deductible (as opposed to capital expenditures) . The Santa Monica-based company said a review of the company's options grants from 1994 to 2006 is nearly complete and financial statements should be filed by the end of the month. The company has not filed a quarterly report since August 2006. Activision said in March that an internal investigation found no "intentional in·ten·tion·al adj. 1. Done deliberately; intended: an intentional slight. See Synonyms at voluntary. 2. Having to do with intention. wrong doing" by Chief Executive Bobby Kotick Robert "Bobby" Kotick, chairman and CEO of American computer game company Activision, Inc., is credited for transforming Activision from a near bankrupt game company into one of the most successful publishing houses to date. , who issued the options, which were backdated to yield bigger gains. The company also said it will ask 10 current or former officers to give back profits from the misdated options. |
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