Apple delays filing annual report due to ongoing stock options investigation

“Apple Computer Inc. said Friday it has delayed filing its annual report with the Securities and Exchange Commission due to its ongoing investigation into stock option grants,” The Associated Press reports.

AP reports, “In a filing with the SEC, the company said it needs to restate historical financial statements to record charges for compensation related to past grants. As a result, Apple was unable to file its 10-K Form for the fiscal year ended Sept. 30 by the required filing date of Dec. 14.”

“Apple expects to file its annual report and its quarterly report for the period ending July 1 in one month,” AP reports.

Full article here.

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  1. “Apple expects to file its annual report and its quarterly report for the period ending July 1 in one month,” AP reports.

    The “one month” part is wrong. Apple intends to file these reports by December 29, 2006, and if it cannot, it will try to get another extension.

    From Part IV(3) of Apple’s SEC filing:

    “The Company anticipates filing its Form 10-K for the fiscal year ended September 30, 2006 and its Form 10-Q for the fiscal quarter ended July 1, 2006 by December 29, 2006.”

    “If the Company is unable to file the Form 10-Q and Form 10-K by December 29, 2006, it intends to seek an additional extension of time from the Nasdaq Listing Qualifications Panel..”

    See for yourself at

  2. The filing date is significant, because that is when investors and traders will start to buy AAPL, as a relief rally removes the overhang caused by the options investigation.

    If Apple does indeed file the restatements on December 29, 2006, it will be a good way to boost the stock heading into MacWorld, and as an added bonus Apple’s filing will trigger at least a few analyst upgrades and/or price target increases.

    Lastly, filing by December 29 will provide an opportunity to hedge fund, mutual fund, and pension fund managers to engage in a bit of end-of-year window dressing, i.e. selling losers and buying winners, to improve their fund’s ratings and rankings in their industry.

    Based on Apple’s SEC filings, the end is in sight on this options investigation. Most likely, it will happen on December 29, 2006, or sometime in January 2007.

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