Apple Delays Filing Annual Report
Apple Computer has told the U.S. Securities and Exchange Commission that it will delay filing its annual report as the company continues to investigate how stocks were distributed to top executives.
In the Dec. 14 filing with the SEC, Apple executives said that following an internal investigation into the backdating of stock options, the company will have to restate some of its past earnings.
On Oct. 4, the company announced the result of its internal investigation that found some irregularities in how stocks were granted to top employees between 1997 and 2002.
Former Apple Chief Financial Officer Fred Anderson resigned from the board of directors the day the findings were released and CEO Steve Jobs apologized.
Apple announced on Oct. 18 that its fourth-quarter financial results showed the companys revenue grew 31 percent. Those numbers were helped by strong sales of the Macintosh line of PCs and the iPod music player.
In the filing with the SEC, Apple officials wrote that it would file its annual report for the fiscal year that ended on Sept. 30 within 15 days.
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