Friday, November 24, 2006

Cyberonics Gets Nailed!

Health Care Renewal has a great post discussing Cyberonics executives cheating on stock options...

"Two top executives have exited Cyberonics, after it disclosed that its stock options problems are much broader than previously reported.

On Monday, investors bid up shares of the Houston-based medical device maker, which said Chairman and CEO Robert Cummins and Chief Financial Officer Pamela Westbrook resigned.

The duo was replaced, on an interim basis, by three people: Tony Coelho as chairman, Reese Terry Jr. as chief executive and John Riccardi as chief financial officer. George Parker was appointed as interim chief operating officer.

The personnel changes came as Cyberonics reported widespread stock option problems in a filing Friday with the U.S. Securities and Exchange Commission..."


"It's funny how questionable financial practices seem to go hand-in-hand with dodgy marketing and strange science."

Indeed. Check out the full story here. No word on how this may impact Charles Nemeroff.

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