SAN FRANCISCO -- BEA Systems (BEAS) will take a larger-than-expected charge for misdated stock options going back to 1998, the company reported late Wednesday.
The San Jose, Calif., software company expects the charge will be $425 million, up from its prior estimate of $340 million to $390 million.
BEA, which develops business infrastructure software, said the increase is due to options-related employee severance arrangements, which will be $175 million. The company estimates the charge related to correcting stock option dates and other adjustments will be $250 million.
The stock was down 11 cents, or 0.8%, to $13.75 in after-hours trading.
The company said it would submit new and restated financials for July 2006 through July 2007 to the
Securities and Exchange Commission
In August 2006, BEA began a review of its options dating practices. As many as 140 technology companies, including
, have been found to have given backdated stock option grants to insiders.