It is being examined by the Securities and Exchange Commission. 7, the company announced that investors should no longer rely on its prior disclosures about the findings of its continuing internal probe. Noncash compensation costs related to backdating will be about million, plus additional tax-related expenses.
It had previously said a preliminary review suggested no intentional backdating occurred and any charges were likely to be minor. (Headlines) (Options chart) The maker of gene-testing devices said on Aug 1 that an internal probe has uncovered "certain documentation lapses" in its stock options grant processes from 1997 through 1999, including one instance when the option grant date should have been recorded differently.
The company added that it may face "significant tax liability" for prior years because it misapplied IRS rules.
On May 21, 2007 the company became current on late SEC filings and recorded, as a result of a restatement, for the fiscal years 1994 through 2005, pretax noncash compensation expense of .9 million.
On May 25, 2007, the company said the SEC had informed the company it had completed its probe and didn't intend to recommend any enforcement action.On July 3, 2007, the company announced it received notice from the SEC staff that the staff had completed its investigation and doesn't intend to recommend any enforcement action by the SEC. 3, 2006, the Cupertino, Calif., computer maker said it will delay filing quarterly results and will likely restate past results after discovering more "irregularities" as part of an internal probe of stock-option grants going as far back to 1997. 29, 2006 that CEO Jobs had recommended the selection of some favorable stock-option grant dates, but didn't personally benefit.In June, Apple said "one of the grants in question" was made to CEO Steve Jobs. 4, the company said its internal investigation had found Jobs was aware of options backdating but didn't benefit from the practice. prosecutors are investigating Apple's options practices. It also said it will restate financial data going back to 2002 and take an million charge.The company said prior to receiving the request, it did an internal review of all equity compensation activities since its February 1996 IPO, and said it "believes that there have been no unusual patterns in the timing or pricing of its equity awards and that there is specifically no evidence of backdating of option awards.On June 1, 2007, Arthro Care said the SEC has completed its formal investigation of the company and that doesn't plan to recommend any enforcement action against Arthro Care.(Headlines)The Dallas technology outsourcer acknowledged May 10, after a preliminary internal probe, that it had issued executive stock options that carried "effective dates" preceding the written approval of the grants.ACS said it plans a charge of as much as million to rectify its accounting related to the grants. Edwards signed separation agreements with ACS that will allow them to remain with the company during a transition period ending June 30, 2007.The report, from a Lehman Brothers analyst, called the companys historical options-granting practices "highly questionable." On July 10, the company disclosed that it had received a letter from the SEC about an informal investigation into the companys stock-option grants. 3, the company said it will likely have to restate past results as a result of problems with past grants.Its financial chief resigned, citing personal reasons. 14, 2006 the company a review found the company misdated certain stock option grants and that it found that some former officers may have covered errors in the grant approval process.Analog Devices reached a tentative settlement with the SEC in November 2005 related to grants. (Headlines)On June 19, the Phoenix education provider received a subpoena from the U. attorney for the Southern District of New York relating to stock-option grants.The company said it believes the options being investigated by the U. Apollo said June 9 its board will hire an outside firm to review its stock-option practices, following a brokerage report that raised questions about whether the for-profit educational firm had backdated some past options grants.