Apple is "likely" to restate its financial results from 29
September 2002 onwards following the discovery of further evidence
of "irregularities" concerning stock options granted between 1997
and 2001, the company warned yesterday.
By Tony Smith for The Register
This article has been reproduced with permission
The Mac maker announced in June that it was commencing a
third-party led independent investigation into the mishandling of
the options awarded to top executives. The probe will cause the
delay of the formal submission of
Apple's Q3 results to the US Securities and Exchange
Commission, the company also said yesterday.
That implies the numbers may have to be changed, a likelihood
signalled by the announcement that the company may have to restate
all its quarterly figures from Q1 FY2003 – the quarter that
kicked off on 29 September 2002 – onwards. Apple's choice of
words suggests it almost certianly will post new figures from then
to now.
The announcement will fuel the
lawsuits already underway against the company, filed in the
light of its June revelation by investors who reckon they lost out
as a result of the company's actions.
© The Register 2006
