CNET Networks Receives Informal Letter of Inquiry Regarding Stock Option Grants
May 24 2006 - 1:41PM
Business Wire
CNET Networks, Inc. (Nasdaq:CNET) announced today that on May 24,
2006 it received notice informing the company that the Securities
and Exchange Commission (SEC) is conducting an informal inquiry
into its stock option grants. The letter from the SEC states that
this informal inquiry should not be construed as an indication by
the SEC or its staff that any violation of law has occurred, or as
an adverse reflection upon any person, entity or security. CNET
Networks intends to cooperate fully with the SEC regarding this
matter. On May 16, 2006, the Center for Financial Research and
Analysis issued an analysis of stock option exercise prices
relative to stock price ranges for certain companies during the
period 1997 to 2002. The report identified CNET Networks as having
granted stock options on four occasions between 1998 and 2001 with
exercise prices that matched or were close to a 40-day low for its
stock price. On May 22, 2006, CNET Networks announced that its
Board of Directors had appointed a special committee of independent
directors to conduct an internal investigation relating to past
option grants, the timing of such grants and related accounting
matters. The Special Committee is being assisted by independent
legal counsel. About CNET Networks, Inc. CNET Networks is a global
media company with some of the most important and valuable brands
on the Web targeting passionate audiences. The company's brands --
such as CNET, GameSpot, TV.com, MP3.com, Webshots, BNET and ZDNet
-- serve the technology, games and entertainment, business, and
community categories. CNET Networks was founded in 1993 and has
always been "a different kind of media company" creating engaging
media experiences through a combination of world-class content and
technology infrastructure.
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