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RIM Sees Restatement Soon

Priya Ganapati

Research In Motion(RIMM Quote - Cramer on RIMM - Stock Picks) expects to be in a position "soon" to file its restated financial statements for the second and third quarters of fiscal 2007.

The company disclosed on March 5 that it had completed the voluntary review of its historical stock option-grant practices but would not be able to update its filings with the Canadian securities regulatory authorities and the Securities and Exchange Commission, as anticipated, by the fiscal year-end of March 3.

RIM said it needed additional time for its advisers to update the filings and for its independent auditors to complete their review.

The company and its auditors now have "substantially completed" the work, RIM said in a status update Wednesday.

RIM expects the impact of any restatement on preliminary operating results for fiscal 2007 will be immaterial.

Shares of RIM closed up $8.07, or 5.5%, to $154.83, touching a new 52-week high .

RIM said last month the SEC has launched a formal inquiry into its past stock-option grant practices.