VeriSign to Miss Filing Deadline
VeriSign (VRSN) will miss the filing deadline for its annual report, due Thursday, because of its ongoing stock options investigation.
The Internet infrastructure company also said it would miss the March 16 extended deadline to file its 10-K with the Securities and Exchange Commission.
VeriSign said previously that it will need to restate financial statements for the years 2002 to 2005 and for the first quarter of 2006 to record additional expenses, because past stock options grants had incorrect measurement dates. Charges for the periods between 2002 and 2005 should be less than $200 million, the company has said.
In January, the group of directors reviewing VeriSign's option grant practices completed its investigation.But in Thursday's filing, VeriSign said that "the company has not completed the audit of its restatement as of the date of this disclosure. The company will not be able to file its Form 10-K until the restatement audit is completed." Shares of the Mountain View, Calif.-based company shed 2.1%, or 54 cents, to $24.76 in recent trading.
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