Democratic Underground - UnitedHealth's Options Just Got Messier

Reply #9: UnitedHealth's Options Just Got Messier [View All]

ozymandius

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Thu Nov-09-06 06:57 AM
Response to Original message

9. UnitedHealth's Options Just Got Messier

UnitedHealth Group (UNH) faces a whopper of a bill from backdated stock options. It's also hoping to renew favor with investors by repricing options for several executives and bringing new leaders into its executive suite.

Less than a month after ousting its CEO over the options scandal, the suburban Minneapolis health insurer told investors Nov. 8 that it expects to take "significantly greater" charges than the $286 million it had previously predicted. The company also said its financial statements for the past dozen years are suspect and shouldn't be relied on, pending restatements. The reviews also will cause the company to delay filing its third-quarter report with the Securities & Exchange Commission.

-cut-

Widespread Restatements

Hemsley replaces company founder and current CEO, Dr. William McGuire, who will have the exercise prices reset for all of his options with recorded grant dates between 1994 and 2002. McGuire resigned as board chairman on Oct. 15 after an external review found that many of his stock options were most likely backdated (see BusinessWeek.com, 10/16/06, "Hard Times for UnitedHealth").

http://www.businessweek.com/investor/content/nov2006/pi...

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Reply #9: UnitedHealth's Options Just Got Messier [View All]