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Siebel Shareholders Get Ready To Spar Over Stock Options; Fiery June Meeting Expected; Firm also faces SEC probe into its Reg FD compliance after private analyst dinner.(INTERNET & TECHNOLOGY)
Byline: J. BONASIA
If recent events are any sign, the June 11 shareholder meeting for Siebel Systems Inc. could be quite a fireworks show.
Siebel is the leading maker of software to manage sales and customers. But the firm has stumbled through a series of high-profile investor relation gaffes and seven straight quarters of sales declines.
In 2000, Siebel shares traded well above 100. Now they hover around 9. UBS Warburg downgraded the stock's rating from neutral to reduce on May 15.
In a recent earnings call with Wall Street analysts, Chief Executive Tom Siebel blamed his woes on a "yucky economy." What he didn't note was the number of times his company has shot itself in the foot, say angry investor groups.
They think Siebel's top executives make too much in stock options. The Teacher's Retirement System of Louisiana filed a lawsuit in August alleging that Siebel violated its option plan approved by shareholders. The group charges that Siebel's compensation committee gave out too many executive options and didn't properly account for them.
Tom Siebel cashed in $35 million worth of options last year, and $311 million from 1999 to 2001, according to company filings.
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