Risk & Compliance

‘Tis the Season to Delay SEC Filings

Goodyear Tire & Rubber; HealthSouth; Hollinger International; Per-Se Technologies; Sonus Networks; AaiPharma; Shurgard Storage Systems; P.F. Chang'...
Stephen TaubMarch 18, 2004
  • The Goodyear Tire & Rubber Co. announced that it won’t be able to file its annual report by the March 30 deadline, but that it will file “as soon as practicable” following the resolution of an investigation into its overseas accounting problems.
  • HealthSouth Corp., which is also being investigated for its accounting practices, announced that it expects to file its 2003 annual report in the first quarter of 2005. In January the company said that a review of previous statements was substantially complete and that its special audit review committee was preparing a report.
  • Hollinger International Inc., publisher of the Chicago Sun-Times and The Daily Telegraph of London, said Monday that it would delay the filing of its annual report pending the outcome of an internal investigation into payments made to its controlling shareholder and former CEO, Conrad Black.

Per-Se Technologies Inc., a provider of health-care administrative solutions, announced that it filed for an automatic 15-day extension for the filing of its 2003 annual report and expects to file by March 30, the extension deadline. The company said that as part of its year-end 2003 audit, external auditors advised it that additional procedures under SAS 99 should be performed in connection with allegations of improprieties made in 2003.

  • Sonus Networks, a provider of packet voice infrastructure services for telecom companies, announced Tuesday that it would file its 2003 annual report that day, but that it would request an automatic 15-day extension for its audited financial statements and other related financial information. The delay in filing the financial statements, explained the company, results from the company’s previously announced review of certain revenue timing issues and practices and of certain other financial statement accounts.
  • Specialty pharmaceutical company AaiPharma Inc. filed for an extension two weeks after warning that an inquiry into sales abnormalities might lead to a delay.

li>Shurgard Storage Centers Inc., a real estate investment trust, sought a 15-day delay in order to provide additional time for the company’s new auditors, PricewaterhouseCoopers, to complete a required three-year audit.

  • Restaurant chain P.F. Chang’s China Bistro Inc., announced that it could not file its annual report on time pending a restatement of its financials for prior years. The company said the restatement would include the most recent year ended December 28, 2003, and would reflect a change in accounting for its market, operating, and culinary-partnership program.
  • DPL Inc. on Monday asked the SEC for an extension for filing its annual report, one day before it announced that it had received a letter from a whistle-blower alleging improprieties at the company.