UnitedHealth to restate by March 15 |
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Fri, 02 Mar 2007 18:09
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MINNEAPOLIS (AP) - UnitedHealth Group Inc. said Friday it would file its late financial statements by March 15 as it sorts out the accounting over its stock-options scandal.The nation's second-largest health insurer has said it will have to restate its earnings back to 1994, and that it will cost some $400 million to $1.7 billion to correct. UnitedHealth said the restatements would be included in the reports to be filed by March 15, two weeks after its 2006 reports would have been due. The filing on Friday was for an automatic two-week extension.UnitedHealth said it expects to resume its share repurchases once it completes Securities and Exchange Commission reports.UnitedHealth has been one of the largest companies snared in the stock options scandal. Former Chief Executive William McGuire, who had previously resigning as chairman, stepped down on Nov. 30 after a company-sponsored report found the stock options he and other employees received were probably backdated. That gives the recipient an instant profit, but also creates tax and accounting issues.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Unitedhealth delays full-year results 