Apple Misses Annual Report Deadline

Apple Computer announced on Friday that it is delaying the required filing of its annual report with the Securities and Exchange Commission (SEC) while it continues an investigation into stock option grants. According to Forbes, Apple submitted a filing to the SEC advising that it could not meet the December 14 filing date because it has to restate some historical financial statements.

Apple also failed to file quarterly reports for the July quarter because of its ongoing stock options investigation. It plans to submit those reports in about a month.

The Mac and iPod maker revealed on June 29 that it had found irregularities in stock option grants issued between 1997 and 2001. At that time, the company hired independent counsel to conduct an investigation.

The investigation revealed that some company officers had been improperly issued backdated stock options. Financial analysts concluded that the situation would have little impact on the company, but investors filed two lawsuits against current and former company officers.

So far, news of Appleis delayed annual and fourth quarter report filings has had little effect on the companyis stock. It is currently trading at US$89.15, up 0.60 (0.68%) in the pre-market.

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