Posted Apr 05, 2007 06:24 pm CDT
Bookseller Barnes & Noble is placing the blame for backdating executive stock options partially on the shoulders of its outside counsel, Bryan Cave partner Michael Rosen.
“Senior management recalled receiving oral advice from outside counsel consistent with its misconception regarding the dating of stock options and that while counsel did not specifically recall giving such advice, counsel informed the Special Committee that it would have so advised the Company if asked,” according to the company’s internal investigation report.
A company official told the Wall Street Journal that the report is referring to Rosen, the Board of Directors secretary. The law firm declined to comment to the paper.