Download the authoritative guide: Cloud Computing 2018: Using the Cloud to Transform Your BusinessBlackBerry maker Research in Motion (RIM) (Quote) said it is undergoing an executive-level restructuring on the news it will restate $250 million for fiscal year 2004, 2005, 2006 and part of 2007.
Although a special committee found no intentional misconduct by RIM directors or officers, an internal review pointed to accounting errors and a process marked by informality and lack of documentation, the company said.
RIM officials said it missed the March 3 deadline for filing restated financial reports with the Securities and Exchange Commission (SEC). The company will file "as soon as practical" after finishing its accounting review, RIM said in a statement.
The company said it will split the roles of chairman and CEO; Jim Balsillie resigned as chairman but will remain co-CEO with Michael Lazaridis. The two also gave RIM $5 million to help offset the restatement cost.
"We are treating this issue very seriously and have already made significant progress in rectifying this matter," Balsillie and Lazaridis said in a joint statement. RIM was not immediately available for comment.