“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.
Related articles:
Options scandal: is Apple’s Steve Jobs truly safe? – October 18, 2006
Apple Computer Directors may have had conflicts of interest in options investigation – October 11, 2006
Apple’s options disclosures leave plenty of unanswered questions – October 09, 2006
Apple shareholders await earnings restatements; Steve Jobs still not in the clear – October 06, 2006
Former CFO Anderson helped turn Apple Computer around – October 05, 2006
Wall Street unshaken by results of Apple stock options investigation – October 05, 2006
Is Apple rotten at the core? – October 05, 2006
Analyst: Anderson, Heinen may be former Apple executives responsible for irregular options grants – October 05, 2006
Analyst: Apple restatement due to options irregularities not expected to be significant – October 04, 2006
Apple’s special committee reports findings of stock option investigation – October 04, 2006
Google CEO declines Apple automatic stock option grant; plans to buy 10,000 AAPL shares instead – September 01, 2006
Google CEO Dr. Eric Schmidt joins Apple’s Board of Directors – August 29, 2006
Shareholders allege Apple execs reaped ‘millions’ in unlawful profits – August 23, 2006
How options-backdating irregularities can affect your Apple Computer stock – August 23, 2006
Apple’s options imbroglio: Mac-maker granted options at or near key events in company’s history – August 18, 2006
Apple added to Nasdaq’s list of ‘delinquent companies’ – August 18, 2006
Apple unlikely to be delisted by NASDAQ – August 16, 2006
Apple CEO Steve Jobs drawn into stock options scandal – August 15, 2006
Apple announces update regarding stock option grants – August 11, 2006
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
Panic on Wall Street again, I’m sure.
I just wish they’d hit this one on the head once and for all.
Good friggen Grief.
It´s slammer time!
“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
http://phx.corporate-ir.net/phoenix.zhtml?c=107357&p=irol-SECText&TEXT=aHR0cDovL2NjYm4uMTBrd2l6YXJkLmNvbS94bWwvZmlsaW5nLnhtbD9yZXBvPXRlbmsmaXBhZ2U9NDU0NTUxOSZkb2M9MQ==
What the heck is taking them so long to restate earning? It’s more than a little unsettling.
“What the heck is taking them so long to restate earning?”
They are thieves and are trying to find a way to spin it properly, and keep Steve out of jail.
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.