WATERLOO, ONTARIO--(Nov. 10, 2006) - Research In Motion Limited (RIM) (NASDAQ:RIMM)(TSX:RIM) today provides this status ... Smartphone News forum
RIM Provides Status Update
WATERLOO, ONTARIO--(Nov. 10, 2006) - Research In Motion Limited (RIM) (NASDAQ:RIMM)(TSX:RIM) today provides this status update pursuant to the alternative information guidelines of the Ontario Securities Commission. These guidelines contemplate that the Company will normally provide bi-weekly updates on its affairs until such time as the Company is current with its filing obligations under Canadian securities laws.
The Company hereby reports that its management-initiated, voluntary review of stock option grants is ongoing. As previously disclosed, the Audit Committee of RIM's Board of Directors has made a preliminary determination that a restatement of RIM's historical financial statements will be required. The Company does not currently anticipate a material adjustment to the preliminary second quarter operating results reported on September 28, 2006 or to current or future financial years' operating results.
The Company will file its financial statements for the second quarter of fiscal 2007 as soon as possible. The Company has had communications with both the Ontario Securities Commission (OSC) and the Securities and Exchange Commission (SEC) about its internal review. The OSC stated earlier this week that it is conducting an investigation into accounting issues that arose from stock option grants made by RIM. The Company intends to continue cooperating with the OSC and SEC. -- Read More
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