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SEC ends stock-option investigation of Digital River
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Digital River Inc. said Tuesday that the Securities and Exchange Commission's investigation related to the company's past stock-option practices has been terminated.
The SEC has formally notified the company that no enforcement action has been recommended, the Eden Prairie e-commerce services provider said in a filing with the SEC.
In December 2006, Digital River disclosed that the SEC had asked for documents about Digital River's option-granting practices during the previous eight years. The SEC inquiry followed two shareholder lawsuits, both later withdrawn, alleging backdating of stock options.
Two months later, the company said that after an internal investigation, it would take a $9.4 million after-tax charge for the past nine fiscal years. Still, no one on the company's board "knowingly failed to comply" with proper accounting for options grants, the company said.
Digital River shares rose 61 cents, or 1.9 percent, to close Tuesday at $32.40.
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