Novell Files To Delay Annual Report
Novell Inc. said today that it has delayed filing its 2006 annual report because of an ongoing internal review of stock option grant practices.
The Waltham networking services company announced Aug. 29 that it had begun looking into its option practices and had hired outside legal counsel to assist in the review.
In a Securities and Exchange Commission filing today, Novell said conclusions drawn from the review may force it to record non-cash stock compensation charges and related tax effects.
The company said it didn't know whether any such compensation charges would affect the preliminary fiscal-year results it announced Dec. 5.
The company has yet to file its report for the third quarter ended July 31. Novell's 2006 fiscal year ended Oct. 31.
Novell said today that it plans to file its annual report after the internal review is completed.
The company's shares recently traded at $6.68 each, down 1 cent.
(Dow Jones)
