Forums

[ltl/fb]

Originally posted by NotFromHere
From today's SFGate
Google Inc. apparently doesn't handle bureaucratic paperwork as smoothly as its online search engine sorts through billions of Web pages.

For nearly three years, Google neglected to register more than 23 million shares of its stock with securities regulators, an oversight that injects an unexpected legal risk into the Mountain View-based company's highly anticipated IPO.

The bungling, disclosed in Securities and Exchange documents filed Wednesday, means the shares may have been illegally issued, exposing the company to possible lawsuits.

In an attempt to set things right with hundreds of affected employees and consultants, Google is offering to buy back 23.2 million shares and 5.6 million outstanding stock options for $25.9 million, including interest payments.

Less than $1.00 per share? Huh.