Several news sites are reporting on the Nasdaq notice Apple received last week which places Apple on warning for delaying its quarterly filing. Apple has been investigating irregularities with stock option granting over the years 1997-2001 that could have affected their financial statements. As a result, Apple has informed the US Securities and Exchange Commision that it will miss the deadline for filing the most recent quarterly figures.
This delay has prompted a warning from Nasdaq that Apple is not in compliance with the exchange's rules:
"We fully anticipated receipt of this letter," Apple spokeswoman Katie Cotton told CNET News.com. "It's a matter of procedure. We're focused on resolving this matter as quickly as possible."
Meanwhile, Apple has requested a hearing and Apple's stock will remain listed in Nasdaq pending that hearing.
As first announced on June 29, 2006, an internal investigation discovered irregularities related to the issuance of certain stock option grants made by the Company between 1997 and 2001, and the Company has proactively informed the SEC. The Company is focused on resolving these issues as quickly as possible and plans to file its Form 10-Q following completion of the independent investigation by the special committee of Apple's outside directors.
