Apple warns of profit restatement, delays quarterly filing | iLounge News

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Apple warns of profit restatement, delays quarterly filing

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By LC Angell

Contributing Editor
Published: Friday, August 4, 2006
News Categories: Apple

Apple has announced that it will likely need to restate financial earnings and delay filing its quarterly report because of additional irregularities found in its accounting of stock options as part of an ongoing investigation. “Apple is now among the most high-profile companies caught up in a stock options scandal that has swept through the technology industry,” reports Reuters. “The SEC has more than 80 investigations underway to determine if companies manipulated the prices of stock options given to executives. Apple will likely need to restate results to record noncash charges for compensation expense relating to past stock option grants. Apple said it had not determined the amount of the charges, resulting tax and accounting impacts, or which periods may require restating.”

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No comments yet?  Are Apple fan boys and girls shying away from the bad news? Heh.

Posted by TLo on August 4, 2006 at 10:57 AM (PDT)

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