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Friday, Mar 29, 2024

Late Quarterly Filings Escalate

A record 138 companies were late filing quarterly financial reports with the Securities and Exchange Commission in the second quarter, according to a report just released. The previous record was set in the first quarter when 120 companies filed late, said the report’s authors, Glass Lewis & Co. The recent rash of stock option reviews and investigations played a role in the late filing for most of the companies involved, the report noted. Several companies in the San Fernando Valley are among those caught in the delays that have resulted from tougher scrutiny on the dating of executive stock option grants, including Semtech Corp., Vitesse Semiconductor Corp. and The Cheesecake Factory Inc.

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