bizjournals.com
Options reviews feed record high in late SEC filings
Wednesday August 23, 5:38 pm ET
In the second quarter, 138 companies with market capitalization of at least $75 million were late filing their financial reports with the Securities and Exchange Commission, according to a report released Wednesday.
Research firm Glass, Lewis & Co. said the previous record was just a quarter ago, when 120 companies were late with their filings.
The delays, due primarily to companies conducting internal reviews of their stock options procedures and, in some cases, facing outside investigation.
The late filings were up 52 percent in the second quarter compared with the same period last year, the report said.
In all, the report said, 48 companies reported delays in their reports because of stock option investigations.
About a dozen local companies have become embroiled in the problem, and companies reporting late filings in recent days included local heavyweights such as Cupertino-based Apple Computer Inc. (NASDAQ:AAPL - News), Santa Clara-based McAfee Inc. (NASDAQ:MFE - News), San Jose-based Sanmina-SCI Corp. (NASDAQ:SANM - News), and Los Altos-based Rambus Inc. (NASDAQ:RMBS - News).
Published August 23, 2006 by the Silicon Valley/San Jose Business Journal
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