Monday, October 30, 2006

Apple gains extension to avoid Nasdaq delisting

By Troy Wolverton
Mercury News
Apple Computer has staved off having its stock delisted by the Nasdaq Stock Market -- for now.
In a regulatory filing today, the Cupertino company announced that the Nasdaq panel overseeing listing rules has granted it an extension to file its financial report for its quarter ending July 1. The company now has until Dec. 29 to make that filing. Nasdaq rules require listed companies to file quarterly reports by Securities and Exchange Commission deadlines or risk having their shares removed from the exchange's listings.
Apple delayed its filing and missed the SEC's deadline as a result of an internal investigation that found evidence that several of its stock-option grants had been backdated. The company has warned that adjusting the accounting for the past grants will likely result in restatement of its previously reported results.

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