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Apple Fails to File Financial Report

Apple Computers has announced that it is delaying the filling of its annual reports, once again, because of the ongoing investigation into the company`s stock-option grants. In a recent report apple said it must fix historic financial fillings and include in them severance pay related to stock-option grants in the past. Therefore the company says it cannot file its annual report by the set deadline December 14.

Apple, most famously known for its computers and iPods announced in June that there may have been an error in the manner in which stock options were given to employees. The company began an internal investigation, that found accounting irregularities between the years 1997 and 2002. The company also exposed that Apple founder and former CEO, Steve Jobs, was aware of the stock-option back dating that took place, but that he was not aware of its implications. Back then Apple announced that it intends to file its annual report and its quarterly report for the period that ended in July 1st within a month, but when the month was up, the company said it would publish its report in the third quarter.

Apple isn`t the first nor is it the last to face charges of stock-option backdating The Securities and Exchange Commission (SEC) is currently investigating over 100 companies for alleged backdating of stock options without proper notification of shareholders. These investigations have, up to now, cost the jobs of about 20 executives. 5 former executives have been inedited.