WATERLOO, ONTARIO-- Research In Motion Limited (RIM) (NASDAQ:RIMM)(TSX:RIM) today provides this status update pursuant to ... Smartphone News forum
RIM Provides Status Update
WATERLOO, ONTARIO-- 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 (OSC). 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's 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, the preliminary operating results for the third quarter of fiscal 2007 reported on December 21, 2006, or to current or future financial years' operating results as a result of the restatement.
The Company announced on January 16, 2007 that it had filed with the Canadian securities regulators and furnished to the United States Securities and Exchange Commission (SEC) "Additional Financial Information" beyond that reported by RIM on September 28, 2006 (regarding preliminary operating results for the second quarter of fiscal 2007) and December 21, 2006 (regarding preliminary operating results for third quarter of fiscal 2007). The filing is intended to provide shareholders with as much information as possible prior to the Company's MD&A and consolidated financial statement filings and while its management-initiated, voluntary review of historical option practices is ongoing. Such Additional Financial Information includes a narrative explanation of RIM's operating performance during those quarters and certain additional information relating to balance sheet accounts. The Additional Financial Information is available on RIM's website (www.rim.com/investors) as well as the SEDAR (www.sedar.com) and EDGAR (www.sec.gov) databases. The Company expects to file with the Canadian securities regulators and furnish to the SEC its consolidated financial statements and related MD&A for the second and third quarters of fiscal 2007 and its restated historical financial statements and related MD&A prior to its fiscal year end of March 3, 2007.
The Company has had communications with both staff of the OSC and staff of the SEC about its internal review. The Company intends to continue to cooperate with the OSC and SEC.
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