Corinthian Colleges

(COCO)

told the

Securities and Exchange Commission

that it needs more time before it can file its annual report with the agency.

The company said that because of a continuing review into its past option grants, it hasn't been able to complete its financial statements for the period ended June 30. The company plans to file its fiscal year annual report as soon as possible.

Shares of the school operator were losing 22 cents, or 1.7%, to $12.43.