Google shareholders lose that loving feeling
Originally posted on Reuters
Google Inc is famous for pampering its employees, but some shareholders feel like they’re getting a raw deal.
The sore spot became evident after the Web search leader decided last month to reset the price of underwater employee stock options, in light of a more than 50 percent drop in Google’s share price from its November 2007 peak of $747.24.
The move, which will result in a $400 million charge, provoked grumbling among some investors who are not being similarly compensated.
While investors have griped about Google’s unconventional actions in the past, such as its refusal to provide earnings forecasts, its appreciating stock price had muted most of the discord. But with shares well off highs, some analysts say Wall Street may be less willing to give Google a pass this time.
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