Nasdaq puts Apple on notice

On Friday, Apple Computer, which has delayed a quarterly regulatory filing amid a stock-options accounting probe, said that it has received a letter from Nasdaq warning that it's not in compliance with the exchange's rules.

Companies must complete regular Securities and Exchange Commission filings as a requirement of continued listing on the Nasdaq. The Cupertino, Calif.-based company said last week it would delay its quarterly filing, pending an inquiry into stock option grant irregularities.

The Mac maker said it has requested a hearing and will remain listed on the exchange pending that hearing.

Apple is the best-known of dozens of companies that are under inquiry by either the SEC or the U.S. Attorney's Office regarding the timing of stock option grants. The company disclosed in June that it had "discovered irregularities" related to the issuance of certain stock option grants made between 1997 and 2001, including one grant to CEO Steve Jobs. The grant to Jobs was later cancelled, and Apple has said he received no financial gain.

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News source: CNET

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