Apple on Friday afternoon announced that it has received a letter from Nasdaq indicating that it is not in compliance with the tech stock exchangeis rules, as a result of the delayed filing of the companyis Form 10-Q. Apple has requested a hearing before the Nasdaq Listing Qualifications Panel and will remain listed on the Nasdaq stock exchange until the panel makes a decision.
Apple also said in its press release that it anticipated the letter from Nasdaq. Apple is currently investigating irregularities it has found in the issuance of certain stock grants made between 1997 and 2001. The company proactively informed the SEC of the problems, but the announcement forced it to delay the mandatory Form 10-Q filing until after the investigation is complete. Apple also expects to have to restate prior earnings, once it properly accounts for the stock grants, although it has not said which fiscal years will be affected.
The companyis stock ended the trading day on Friday at US$63.65, down $0.42, or 0.66%. In after-hours trading, it has slipped to $63.50, as of 4:50 PM EST.