Apple today announced that the Company will request a hearing before the NASDAQ Listing Qualifications Panel in response to the receipt of a NASDAQ Staff Determination letter today indicating that the Company is not in compliance with the filing requirements for continued listing as set forth in Marketplace Rule 4310(c)(14). As anticipated, the letter was issued in accordance with NASDAQ procedures due to the delayed filing of the Company’s Form 10-Q for the quarter ended July 1, 2006. Pending a decision by the Panel, Apple shares will remain listed on the NASDAQ Stock Market.
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.
Related articles:
As expected, Apple delays quarterly results due to stock-options grants review – August 11, 2006
Some stock options grant decisions were made by Apple board, and potentially, CEO Steve Jobs – August 10, 2006
Disney: no material impact from Pixar options – August 09, 2006
Pixar options draw scrutiny – August 08, 2006
Apple stock options scandal? What scandal? – August 07, 2006
Class action lawsuit over stock options filed against Apple Computer, Inc. – August 04, 2006
Wall Street forgiving of Apple’s stock option irregularities; CEO Jobs unlikely to be terminated – August 04, 2006
Apple’s stock option irregularities escalate into a scandal as world awaits Steve Jobs’ WWDC keynote – August 04, 2006
Apple warns of profit restatement dating back to 2002 – August 04, 2006
Apple loses 3.5% to $67.15 in premarket trading – August 04, 2006
Apple announces update regarding stock option grants – August 03, 2006
Shareholder’s options suit against Apple alleges ‘striking pattern that could not have been chance’ – July 11, 2006
Apple announces update regarding stock option grants – July 05, 2006
UBS: stock options probe unlikely to hurt Apple – June 30, 2006
Apple joins growing list of companies entangled in stock option ‘irregularities’ – June 29, 2006
Apple to investigate stock option grant ‘irregularities’ made between 1997 and 2001 – June 29, 2006
Friggin beancounters.
I think Apple’s stock touched $65.49 even with these news factored in on monday. News dont matter basicly, how much exposure it gets does, big companies that are short on apple’s stock are spending their own millions to drive the company stock down to make billions.
$69.59
This is not even a story. “Apple is issued boilerplate letter!” should be the headline.
Slow news day at MDN?
How long does it take to work out Person X got Number Y shares and paid Z1 dollars but should have paid Z2 dollars instead.
Then add up the difference etc in costs and amend the results for those affected quarters.
Apple announced this a month ago. Surely they could have worked out the problems in a month.
HAHAHA!!!!!!!!
I read that Shawn and Lesa King from YourMacLife.com bought Apple shares at $69.59.
That must hurt. Bad time to buy, Kojak.
Yeah, limes, probably Bill Gates is behind it all.
LOL.
Just to show you how serious the feds are:
“Apple receives delisting warning from Nasdaq”
Plus, don´t think it couldn´t happen to the Steve?
———–
“On Thursday, both the former chief executive officer and the human resources officer at Brocade Communications Inc. were indicted for a scheme to backdate stock options.
This week, former executives at Comverse Technology Inc. (CMVT were also charged with options-related securities fraud.”
http://www.marketwatch.com/News/Story/Story.aspx?siteid=netscape&dist=netscape&guid;={CE65C45C-C14E-4449-AACA-1DB1C42B5640}
Yeh, Mercury (MERQ) got de-listed from nasdaq few weeks ago, their stock doubled.
These news are not “serious”
there are simply to many big corporations that are short on Apple’s stock.
just watch, on any spark, the stock will fly to $75+
btw, i am the same person that predicted Apple’s stock would go to $68, when it was at $52’s just several weeks ago.
I predicted it would got to $85 in Jan 2006 when it was $13 five years ago.
I predicted it would got to $85 in Jan 2006 when it was $13 five years ago.
Yeah? Well, I predicted,
uh, oh, damn. Nevermind.
MW: ago LOL
STEVE JOBS IS GOING TO FRY!!! Just kidding!!
Ok, we know that’s not going to happen because about 80 other US companies practiced the same thing.
What’s going to get Apple is the fact that they mislead investors, actually Steve jobs did it because Apple was in pretty bad shape when Steve took over and needed to hide the truth a little.
Yeah, that’s awful! I was so misled that I bought a few thousand dollars worth of AAPL back in 2003 at $14.98. Since then it’s split once (adjusted purchase price becomes $7.49), and it’s gone to $60+. Along the way I’ve traded in and out a bit and taken out enough to pay for some hefty college tuition bills. I still have nearly 6 figures in my AAPL portfolio. DAMN THAT STEVE JOBS AND HIS OPTIONS!!! I could have had $112 more, so let’s lynch Jobs and push the stock down to $30. That’ll teach him.
NOT!!!!!!!
the title to that “apple receives delisting warning” is so misleading.
here’s why…
Apple itself is taking action without any warnings from anywhere or anyone because they know Nasdaq’s requirements WOULD trigger a warning if the results are not filed on time. so it is more of a technicality they are well aware of and making sure everything is smooth, so its double layer safety measurement that Apple is taking action to accomplish, which is a smart move.
The title on that site, is purely sponsored by companies that have shorted on Apple’s stock on a massive scale.
they have come to the conclusion that laws of physics have to apply to the fact that what goes up to much must come down at least some, so they shorted on the recently soaring of Apple’s stock and now using their muscles to bolden the negative news in the media to make $billions$ of profits.
these companies that short on Apple love Apple because… they can invest ( or short ) on Apple’s stock on a grand-scale that they wouldnt be able to do on most other stocks, because it is a popular stock with high volume trading.
You steal a car.
You know the police are just about to catch you for stealing the car.
You turn yourself into the police for stealing the car.
You still committed a crime.
iCrime
iFine
iJail
Less than 3% of Apple stock is shorted.
Massive? Hardly.
Amazon is over 7% shorted.
AMD – over 3%.
This was an essential step by Apple. If they had NOT appealed by requesting a hearing, NASDAQ could have delisted AAPL from the exchange. That would be “somewhate” significant….
If George Bush had NOT woken up this morning, I COULD HAVE enjoyed the news. Your point?
What, no witty comments from MDN? I wonder what we would have heard if this was Microsoft, not Apple, in this same boat.
“btw, i am the same person that predicted Apple’s stock would go to $68, when it was at $52’s just several weeks ago.” (quote from limes)
The bigger question is whether or not you purchased at $52?
I am sure every chartist here (if there are any others) would have agreed that the price showed support in the low 50’s, but if you don’t buy on your own advice the prediction is worthless.
fwiw, I bought at $52.09.
well, yes i did purchase at $52’s and $51’s however i sold it to quickly at $57.
right now, Apple’s shares dropped almost 10% due to fear from investors and all these news about nasdaq warning de-listing apple.
at the same time big corporations that have huge amounts of shorts on Apple’s stock.
i purchased at $63.25 in pre-market on friday ( august 11th ) and i dont plan on selling until it either falls below $62 or goes above $75.
My feelings tell me there is going to be some sort of a need to release some positive commentaries by major firms that do the upgrades and downgrades on stocks to calm investors regarding recent news which will put Apple’s stock on a stabilization mode.
At the same time any stabilization in the Apple’s stock will force the big corporations that are short on a grand-scale with Apple’s stock to do a “cover” which means a triggering up-swing in the stock.
Also, about 5-6 months ago steve jobs said apple had some “exciting products” for the year of 2006, can mac pro be considered exiciting? no, can macbook be considered exciting? yes but that is just 1 product that came out. so there is a need for the letter “s” in the word “products” which i think translates into iphone and/or new ipods.
My bet is that Apple’s stock will be up between 2% and 5% on Monday. because it is oversold and needs a stabilization point, which is likely to be above $64 because that is where steve jobs sold his shares to pay off his taxes which indicates it must be a true-value point for the company but this was before the macbook sales, so add an additional 5-10% to that and you can easily surpass $70 level.
limes = Gregg Thurmann
$81 by July 21 2006