Computer Sciences Corp. to restate years of results
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From Bloomberg News
Computer Sciences Corp. said it planned to restate more than a decade of results by about $59 million to account for expenses from options grant backdating.
An internal probe found employees didn’t intentionally date grants to when the company’s stock traded lower, inflating their value, El Segundo-based Computer Sciences said. The company hasn’t filed financial statements for the last two quarters because of the probe.
Computer Sciences pledged to disclose more information about grants to its compensation committee after backdating almost two-thirds of them from March 1996 through July of last year.