NASDAQ warns Apple over earnings delay http://news.yahoo.com/s/afp/20060812/ts_afp/usitcompanyearnings_060812003455
Fri Aug 11, 9:12 PM ET SAN FRANCISCO (AFP) - Apple Computer said it was notified that its NASDAQ trading status was in jeopardy because it missed the recent earnings filing deadline. Apple had expected the notice after deciding to delay filing its second quarter fiscal results with the Securities and Exchange Commission until completing an internal probe into stock option pricing, according to company spokeswoman Katie Cotton. The Cupertino, California, maker of Macintosh computers and iPod MP3 players got official word in a letter and requested a hearing to explain the situation to NASDAQ officials, Cotton said. "This is a matter of procedure when you delay a filing," Cotton told AFP. "We are going to file the Form 10-Q following completion of our internal investigation." "We are trying to resolve these issues as quickly as possible." The letter from the commission arrived at Apple during a growing US scandal about the apparently widespread practice of US firms secretly backdating stock options to reward or retain top talent, especially in Silicon Valley. The US Department of Justice launched a task force to investigate the illegal practice and the number of companies being eyed for improprieties had reportedly topped 100. Apple revealed in early June that it was looking into irregularities in the awarding of stock options to employees as far back as 1997 and that it would probably have to revise some of its financial results. Reply with a "Thank you" if you liked this post. _____________________________ MEDIANEWS mailing list [email protected] To unsubscribe send an email to: [EMAIL PROTECTED]
