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Cadence Design Systems Inc. Message Board

  • vital_statistixx vital_statistixx Oct 23, 2008 12:28 PM Flag

    Can the "Accounting Whizkids" be prosecuted for what they have done....

    Really, its' amazing how complete the destruction has been for the Cadence Stock. Aren't the gentlemen from Intel responsible for this carnage, is it not them who initiated these accounting practices. Cadence's very own, in house, accounting bubble.

    And to top it all, according to the SEC filing, the ex-Management get their hefty severance packages plus a role as temporary consultants for the next 6 months at their existing pay packets. So much for saving the 26 odd million dollars.

    Is this a professionally managed company anymore!

    The stock is in a free fall, traders will have a field day shorting the sh*t out of Cadence shares.

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    • This seems odd. What was the big deal and why if over 80% or the revenue was ratebale did we see this issue?

      Cadence Design Systems Inc. (CDNS)Q2 2008 Earnings Call
      July 23 2008 5:00 pm ET

      As a result, we made the difficult but necessary decision to lower our outlook, and transition to an approximately 90% rateable license mix. We believe this transition will enable to us keep our focus on the value of our technology, and this decision is the right one for our business over the long-term and for building sustaining strong customer relationships in the future.

      Event Brief of Q4 2006 Cadence Design Systems Earnings Conference Call - Final.
      Publication Date: 31-JAN-07

      4. Other Highlights: 1. Approx. 83% of the Product business was represented by [rateable] licenses in 4Q06

    • Of course the perpetrators can be prosecuted ..its revenue recoginition violations.

      1.It's deliberate fraud.
      2.It's Enron again but on a smaller scale.
      3.It's punishable by jail time.

      It's only a matter of time before Fister gets a knock on the door. The board have a fiduciary duty to protect the interests of shareholders so they are potentially liable too, and could serve jail time. They kicked Fister out in an attempt to save their own asses. The stock price isn't going higher any time soon...and chapter 11 is a likey scenario now.

    • Yes, they can and should. Read Sarbanes-Oxley act, which was passed after Enron and WorldCom accounting scandals. If you are long and if you move fast, by a class action law sue, you may be able to stop the board from giving any package to management.

    • Actually, the accounting was pretty much what Porter put in place. He devised the EDA card and the re-spins on eda deals. There were no ex-Intel guys involved here. Palatnik was an ex-sales guy who was a friend of Porter.

    • That would be nice, but possibly too ugly for the board to bear. Best we can hope for is that the guys who caused it don't see their golden parachutes due to malfeasance.

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