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.”
Apple warns of profit restatement, delays quarterly filing
By LC Angell
LC Angell was a senior editor at iLounge. Angell is known for her work on various aspects of the Apple ecosystem, including iPhone, iPad, and iPod. In his role at iLounge, Angell was responsible for a wide range of editorial content, including reviews, buyer's guides, news, and features.