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"We think there's a good chance that some of the 29 other companies, which were still checking their books for options-related errors, will have to fix their past financials as well," Glass Lewis adds in its report.Glass Lewis points out that without the option scandal, the number of late filings for this quarter would have been only 90, one fewer than during the second quarter of 2005."This is the highest late filing rate we've seen for a quarterly period," says the Glass Lewis report.
By contrast, only three companies cited incomplete internal-control assessments as the reason for their delay.
The number of companies filing late represents about 4 percent of all companies with market caps of million or more, and with quarters that ended on June 30.
Stephen Taub, | USAugust 24, 2006 Forget Sarbanes-Oxley 404.
A record number of companies filed their recent quarterly reports late, and the most commonly cited reason was the rapidly growing option backdating scandal.
Glass Lewis notes that when 2004 annual reports were due in March 2005, the first year in which both companies and their independent auditors had to assess the effectiveness of their internal controls, 306, or nearly 12 percent, of calendar-year companies submitted late-filing notices.Of the 48 companies citing stock-option grant investigations as the reason for filing late, 19 already have said they will need to restate prior financial statements.