Apple misses SEC deadline

Apple yesterday missed its deadline for filing its annual report, amidst its ongoing investigation into stock option scandal. The company said in a filing with the Securities and Exchange Commission that it was unable to file its Form 10-K by the required filing date of December 14. Marketwatch reports that independent auditors are reviewing the findings of an independent investigation and recent accounting guidance published by the SEC and that Apple said that it will need to restate its historical financial statements to record non-cash charges for compensation expense relating to past stock option grants. The report says Apple is in the process of finalizing its conclusions regarding the amount of such charges, the resulting tax and accounting impact, and which periods require restatement.

by MacNN Staff