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Mitek Systems Inc. Message Board

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  • UHUH24 UHUH24 Mar 21, 2011 12:39 PM Flag

    Apple pushes into BillPay

    Sounds like a shareholder suit in the making. You cannot fire a director who is protecting the shareholders.

    1. “On January 14, 2011, James DeBello, president, chief executive officer and a director of the of the Company, and John Thornton, the chairman of the board of directors, informed Michael Bealmear, a member of the board of directors of the Company, that the board had determined that he would not be one of the board's nominees at the upcoming annual meeting of stockholders.”

    Please note that this requirement for validly calling a meeting is what led me to question the validity of the options purportedly granted on Monday, November 15, 2010. As communicated to the Audit Committee and the Company’s outside auditors prior to the filing of the Quarterly Report on Form 10-Q, I believe that the options purportedly granted by the Compensation Committee on November 15, 2010, were invalid due to the lack of notice of the meeting. This led me to question the accounting for the purported stock options at the Audit Committee meeting, which was not resolved at the Audit Committee meeting and, as I can see from the Form 10-Q as filed, were accounted for as having properly been granted. In addition, as I recollect, during my tenure on the Board the Compensation Committee always made recommendations to the Board regarding the grants of stock options, and the Board made the grants; the Compensation Committee Charter does not appear to convey authority to the Compensation Committee to grant stock options to employees of the Company other than the Chief Executive Officer, and I do not recall the Board ever conveying the authority to the Compensation Committee to grant stock options, which further calls into question the validity of the grants of the stock options other than to the Chief Executive Officer. Consequently, I continue to question whether the accounting for these purported stock option grants is correct.


    /s/ Michael Bealmear

    Michael Bealmear, Former Director Mitek kicked out by CEO

3.20+0.04(+1.27%)Feb 27 4:00 PMEST

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