Title: Guest PostingCEO and CFO RESIGN!
Birdbomb - November 20, 2006 05:36 PM (GMT)
In light of the current news, I'd like to see the public reaction and comments.
SOURCE
Cyberonics CEO, CFO resign
BOSTON, Nov 20 (Reuters) - Medical device maker Cyberonics Inc. (CYBX.O: Quote, Profile, Research) said on Monday that its chief executive and chief financial officer have resigned, following an investigation that revealed errors in the company's stock option practices.
The news sent the company's stock up 18 percent in early trading.
A review by the company's audit committee showed flaws in its reporting of stock option grants between 1999 and 2003, the company said. The errors mean Cyberonics must restate results for the fiscal years 2000 through 2005.
Chief Executive Robert "Skip" Cummins and Chief Financial Officer Pamela Westbrook resigned, effective immediately.
Cummins will receive $1.7 million cash as part of a severance package that also includes stock, the company said in a regulatory filing.
Cyberonics, which makes an implantable nerve stimulation device to treat epilepsy and depression, named Reese Terry Jr., the company's co-founder and former CEO, as interim CEO. It named John Riccardi as interim CFO.
George Parker III was named interim chief operating officer. The company did not previously have a COO.
Cyberonics also said it is separating the roles of CEO and chairman and has elected Tony Coelho, a director of the company since 1997, to the post of nonexecutive chairman.
Last week, Cyberonics shares jumped following news that billionaire investor Carl Icahn had taken a stake in the company.
The resignations of Cummins and Westbrook come two months after a group of shareholders, led by the hedge fund Metropolitan Capital Advisors, called for some board members to be replaced.
Cyberonics shares have fallen 54 percent over the past 17 months as the company has battled a government probe into its stock options and has fought an uphill struggle to get insurers to pay for its device, known as VNS, as a treatment for depression.
The company's shares rose $4, or 18.5 percent, to $25.58 in early trading on Nasdaq. (Additional reporting by Jennifer Robin Raj in Bangalore)
Last week, Cyberonics shares jumped following news that billionaire investor Carl Icahn had taken a stake in the company.
The resignations of Cummins and Westbrook come two months after a group of shareholders, led by the hedge fund Metropolitan Capital Advisors, called for some board members to be replaced.
Cyberonics shares have fallen 54 percent over the past 17 months as the company has battled a government probe into its stock options and has fought an uphill struggle to get insurers to pay for its device, known as VNS, as a treatment for depression.
The company's shares rose $4, or 18.5 percent, to $25.58 in early trading on Nasdaq. (Additional reporting by Jennifer Robin Raj in Bangalore)
SOURCE
Cyberonics CEO, CFO resign
BOSTON, Nov 20 (Reuters) - Medical device maker Cyberonics Inc. (CYBX.O: Quote, Profile, Research) said on Monday that its chief executive and chief financial officer have resigned, following an investigation that revealed errors in the company's stock option practices.
The news sent the company's stock up 18 percent in early trading.
A review by the company's audit committee showed flaws in its reporting of stock option grants between 1999 and 2003, the company said. The errors mean Cyberonics must restate results for the fiscal years 2000 through 2005.
Chief Executive Robert "Skip" Cummins and Chief Financial Officer Pamela Westbrook resigned, effective immediately.
Cummins will receive $1.7 million cash as part of a severance package that also includes stock, the company said in a regulatory filing.
Cyberonics, which makes an implantable nerve stimulation device to treat epilepsy and depression, named Reese Terry Jr., the company's co-founder and former CEO, as interim CEO. It named John Riccardi as interim CFO.
George Parker III was named interim chief operating officer. The company did not previously have a COO.
Cyberonics also said it is separating the roles of CEO and chairman and has elected Tony Coelho, a director of the company since 1997, to the post of nonexecutive chairman.
Last week, Cyberonics shares jumped following news that billionaire investor Carl Icahn had taken a stake in the company.
The resignations of Cummins and Westbrook come two months after a group of shareholders, led by the hedge fund Metropolitan Capital Advisors, called for some board members to be replaced.
Cyberonics shares have fallen 54 percent over the past 17 months as the company has battled a government probe into its stock options and has fought an uphill struggle to get insurers to pay for its device, known as VNS, as a treatment for depression.
The company's shares rose $4, or 18.5 percent, to $25.58 in early trading on Nasdaq. (Additional reporting by Jennifer Robin Raj in Bangalore)
Last week, Cyberonics shares jumped following news that billionaire investor Carl Icahn had taken a stake in the company.
The resignations of Cummins and Westbrook come two months after a group of shareholders, led by the hedge fund Metropolitan Capital Advisors, called for some board members to be replaced.
Cyberonics shares have fallen 54 percent over the past 17 months as the company has battled a government probe into its stock options and has fought an uphill struggle to get insurers to pay for its device, known as VNS, as a treatment for depression.
The company's shares rose $4, or 18.5 percent, to $25.58 in early trading on Nasdaq. (Additional reporting by Jennifer Robin Raj in Bangalore)
Birdbomb - November 21, 2006 04:52 PM (GMT)
Quack! Quack!
Birdbomb - November 21, 2006 05:40 PM (GMT)
Hello Skip!
Stick around and enjoy your visit!
United States
smtp.cyberonics.com (216.4.42.42)
coming from : November 21st 2006 08:59:26 AM xxx.v n s depression.com/p5-00_Gripes.htm
page : November 21st 2006 08:59:46 AM Vns Message Board -> CEO and CFO RESIGN!
http://z4.invisionfree.com/VNS_Message_Boa...1740&st=0&#last
exit page : November 21st 2006 09:00:37 AM xxx.v n s depression.com/p5-00_Gripes.htm
Stick around and enjoy your visit!
United States
smtp.cyberonics.com (216.4.42.42)
coming from : November 21st 2006 08:59:26 AM xxx.v n s depression.com/p5-00_Gripes.htm
page : November 21st 2006 08:59:46 AM Vns Message Board -> CEO and CFO RESIGN!
http://z4.invisionfree.com/VNS_Message_Boa...1740&st=0&#last
exit page : November 21st 2006 09:00:37 AM xxx.v n s depression.com/p5-00_Gripes.htm
Fay - November 21, 2006 10:49 PM (GMT)
Well, looks like ain't nobody else going to ask...
Will he still be racing and "coaching" football?
Will he still be racing and "coaching" football?
Theranthrope - November 22, 2006 04:41 PM (GMT)
Hey skippy! You're famous! A celebrity, with your face in the newspaper and everything!
Quack! Quack!
Quack! Quack!
labrat - November 27, 2006 04:45 AM (GMT)
Nothing about it surprised me. I think there will be an up swing with Cyberonics. I feel it has a lot more to offer than just Epilepsy and TRD which we a thankful for.
Time will tell.
:im_033: Labrat :im_033:
Time will tell.
:im_033: Labrat :im_033: