Sonic Solutions may restate financials |
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Fri, 02 Feb 2007 00:51
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NOVATO, Calif. (AFX) - Digital media software company Sonic Solutions said Thursday it will likely restate past financials to record 'significant non-cash charges' due to a review of its stock-option grant practices.The company said it has begun a voluntary review of its option practices and accounting and has voluntarily informed the Securities and Exchange Commission.Based on the review so far, Sonic Solution has preliminarily concluded the company lacks sufficient documentation for certain grants, and their measurement dates may need to be changed. Based on preliminary conclusions, the company said it will need to restate past financial statements to record significant non-cash charges, mostly affecting prior years. It hasn't yet determined how much the charges will total.Sonic Solutions said it believes its current options granting practices are acceptable and meet relevant standards.About 200 companies are under federal or internal scrutiny for possible backdating of stock options.Sonic Solutions fell 32 cents to close at $18.03 on the Nasdaq.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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