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April 16, 2007

Getty to restate earnings

Posted by Kim Peterson at 3:09 PM

In a securities filing today, Getty Images said it found backdated stock option grants. The company will restate its earnings going back to fiscal 1998.

At issue is between $28 million and $32 million in non-cash compensation costs.

The digital image company is being investigated by federal regulators for backdating, the practice of falsifying the date it granted stock options to boost profit when the recipient cashes them in.

Getty was hit with two shareholder lawsuits last month related to the backdated options.

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