Industry NewsTechnology

Move restating $3.7M in expenses

Company revises estimated cost of employee stock options
Published on Nov 3, 2009

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by CareyBot

Realtor.com operator Move Inc. disclosed Monday that an error in a software program caused it to underestimate by $3.7 million the cost of providing stock-based compensation to its employees from the beginning of 2006 through June 30, 2009.

The programming glitch -- which involved eroneous assumptions about whether an employee's stock options would vest or be forfeited -- had no impact on cash from operations, the company said.

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