Active Power reviews option grants |
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Published
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Wed, 10 Jan 2007 13:48
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AUSTIN, Texas (AFX) - Active Power Inc., which makes backup power supply systems, said Wednesday it is conducting an internal review of its stock option granting practices since the company went public in August 2000.Nearly 200 companies have disclosed internal or regulatory reviews for suspected backdating of option grants, which artificially inflate the value of the option award. The practice is not necessarily illegal, but must be disclosed and accounted for properly.The company said it is '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 may have occurred.'Active Power said it has notified the Securities and Exchange Commission of the review.The company expects to complete the probe by the time it is required to file its annual report for the year ended Dec. 31. Companies typically have 90 days to file annual reports with regulators. Active Power warned that if the review is not complete by that date, it will delay filing its annual report.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Active Power to conduct internal stock option grant review 