Backdated stock option grants force Apple to delay quarter report
Apple officially confirmed in a Friday filing with the Securities and Exchange Commission (SEC) that it will be delaying the filing of its Q2 report, which covers the financial period from 1 April to 30 June. The company said that it expects "significant changes in the results of operations for the quarter ended July 1, 2006 compared to the quarter ended June 25, 2005, including significant increases in the company's revenue and expenses."
Apple also said that it will request a hearing before the NASDAQ Listing Qualifications Panel in response to a standard letter stating that is not in compliance with filing requirements. It is up to the Panel to decide whether Apple shares will continue to be listed at the stock exchange or not.
Following the announcement, Apple's stock lost $0.16 and traded for $63.49.