PLANO, Texas (AFX) - Microtune Inc., which makes cable tuner chips used in electronic equipment, said Wednesday an internal review of past stock options grants will keep it from filing quarterly financial statements on time.
Microtune said its audit committee began the review at the end of July, covering options grants made since its initial public offering on Aug. 4, 2000. The company said the committee has not determined whether the company will have to restate any of its earnings.
Microtune filed for an extension to the Aug. 9 deadline for second-quarter results with the Securities and Exchange Commission, but said it does not expect to meet the extended deadline of Aug. 14, since the internal review could take six to eight more weeks.
Microtune closed down 20 cents at $5.40 on the Nasdaq.
Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.