Active Power to conduct internal stock option grant review |
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Wed, 10 Jan 2007 12:39
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AUSTIN, Tx. (AFX) - Power supply equipment maker Active Power, Inc. said it is conducting an internal review of historical stock option grants, related procedures and accounting.The company currently anticipates that this review should be completed before the due date for its Annual Report on Form 10-K for the year ended December 31, 2006.However, if the review uncovers any significant issues, then the company's Annual Report on Form 10-K could be delayed until the completion of the review.The review will cover all option grants made since the time of its initial public offering in August 2000 to the present and will be supervised by a committee of the company's board comprised of independent directors, who will be assisted by outside legal counsel and accounting experts.The company also has voluntarily disclosed, or self reported, that it is undertaking this review to the Securities and Exchange Commission.Since the review was only recently initiated and is ongoing, Active Power is currently unable to determine whether there are any accounting adjustments that may be required as a result of this review or the extent of any improper activities that might have occurred.The company will provide a public statement once its review is complete, or sooner if it determines it to be warranted.newsdesk@afxnews.comjoyCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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