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August 4, 2006
Apple falls on more “irregularities”
Posted Aug. 4, ’06, 8:13 AM PT by Dan Moren
Category | Money
Remember those stock option “irregularities” Apple mentioned last month? Turns out that the problem goes a little deeper than they thought.
Apple’s previously announced internal investigation took a turn on Thursday as the company said it has found additional evidence of irregularities, which will likely cause them to restate earnings. The company also said it would delay the filing of its Form 10-Q for the quarter ended July 1, 2006.You can fit what I know about financials onto a 1040 short form, but I do know that Apple shares have fallen this morning as a result. I’d say we haven’t heard the last of this.
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I suspect that the financial impact of the irregularities to which they are referring will impact the earnings less significantly than the positive growth and sales expected from the ongoing technological advancements and patented products yet to be released. Brief setbacks are sometimes expected, however, the future still looks extremely positive for Apple.