KB says it's not target
The L.A. homebuilder issued a release this afternoon saying that the Department of Justice is looking into KB's past stock options practices but that the company itself is not a target. Earlier, Bloomberg News quoted unnamed sources as saying that KB itself was under criminal investigation. What all this suggests is that the company is desperately trying to distance itself from former CEO Bruce Karatz and former human resources head Gary Ray, who are at the center of the backdating inquiry. KB's internal investigation concluded that only Karatz and Ray were involved in the backdating. Representatives for both men deny they did anything wrong. Be advised, this one will take a while to sort out.
4:15 PM Friday, February 23 2007 • Link
Email or share:
Email or share:
© 2003-2008 • About LA Observed • Contact the editor
| Forget plastics, the real action these days is arranging going-out-of-business sales.
| Louis Verdad was one of L.A.'s hottest designers, but he had little idea of how to run a business.
| Without referencing its recent layoff, the Ventura County Star's editor says the suburban LA paper is now "more streamlined and, in many ways, much more efficient."
| We stripped the Indians of their ponies, and now we're doing it to ourselves.
| When the sun looks like that, there's a big fire somewhere regardless of whether we see or smell smoke.
Lee Abrams, Tribune Company's chief innovation officer, doesn’t seem too impressed with the Los Angeles Times. That’s the feeling I got when he appeared at the Los Angeles Press Club.
Seven or fifteen minutes from now I can definitively say I didn't hear the sound of sirens.
Sponsors
Premium Blogads
Books, Blogs & Events