RIM urged to sue own audit committee

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Oh dear. The fiasco surrounding RIM’s stock options is still ongoing, yes, but it appears as though one group just can’t take it anymore. According to the National Post, the Ontario Ironworkers Pension Fund is “urging Research In Motion Ltd. to launch legal action against the company’s audit committee or risk a derivative lawsuit against the board of directors”. Well them’s fighting words right there. The Ironworkers fund are looking for action to be made no later than December 12. What exactly is their issue with RIM?

“[We feel] that members of the audit committee are breaching their fiduciary duties to the company because they are conducting this investigation while under a conflict of interest and furthermore, that they have been negligent in their supervision of the company’s accounts and we want the board to take legal action against them,” declared the shareholder’s missive to Mr. Balsillie.

I really don’t think mutiny is an option here, but I think we all agree that when it comes to stock options and the like, RIM really needs to pull up their socks.