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The Blackberry is probably Microsoft's main competitor in the smartphone space -- but when it comes to corporate size doesn't hold a candle to MS (really, does anybody?). So when the stock option backdating brouhaha that's been sweeping the nation (er, nations, as RIM's based in Canada) hit RIM, analysts expected it would cause some headaches. Apparently that's not the case, though. I guess the scandal that hits everybody is the scandal that doesn't destroy anybody. Anyhow, the chairman is stepping down (but still the CEO) and RIM changed their report on the financial hit to what analysts were originally expecting (up from where it was before).
What does it mean for us WM folks - looks like "not much."
And now here we are: a $250 million restatement, with Jim Balsillie relinquishing his role as chairman (he stays on as CEO) now that he's been directly implicated in personally choosing favorable dates for back-dated options. CFO Dennis Kavelman, also implicated, will be transferred out of that role and into his new position as Chief Operating Officer.
If there is a surprise, it's that shareholders aren't reacting more negatively to the news.
The linked article also references the plethora of Palm buyout rumors that have been circulating for the past couple of weeks. I still think Palm's going to fight that off, but as a thorough reading of this post would surely reveal, I am not a financial analyst.
