Novell reviews options as preliminary profit soars
Novell Inc. late Tuesday said it had begun an internal review of its past stock-option grants and related accounting, and may not be able to file its quarterly results with regulators on time as a result.
Based on preliminary results for the period, Novell said its fiscal third-quarter net profit jumped more than fivefold as it booked one-time gains, benefiting from things such as its sale of property and equipment.
The company said it began a voluntary review of its past practices and accounting for stock-based compensation following news about the options practices of other companies across numerous industries.
Novell shares fell 2.7% in evening trading following the news, changing hands at $6.60 each. The stock closed the daytime trading session off just more than a quarter percent at $6.78.
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