Back Yard Burgers takes options charge |
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Fri, 30 Mar 2007 23:15
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MEMPHIS, Tenn. (AP) - Back Yard Burgers Inc., operator of namesake burger restaurants, said Friday it booked a non-cash charge of $311,000 to correct accounting for past stock option grants, errors with which were uncovered during an internal review.The company filed its fourth-quarter report with regulators and is now in compliance with Nasdaq Stock Market listing rules. It had been noncompliant because the report was past due as a result of the lengthy options review.More than 200 companies have disclosed Securities and Exchange Commission, Department of Justice or internal investigations, according to an Associated Press review related to backdating stock options.Backdating is not necessarily illegal, but must be properly accounted for and disclosed to investors. It refers to changing the vesting date on stock options to make them more valuable for the holder.Back Yard Burgers also filed with regulators to extend the deadline for filing its annual report by 15 days. The company plans to file the report, which was due Friday, within the extension.Back Yard shares fell 7 cents to close Friday at $5.41 on the Nasdaq.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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