Sharper Image to Delay Filing of Second Quarter Results
Sharper Image Corp. will postpone for five days the release of financial results for its second quarter ended July 31 while it reviews its historical stock option and other accounting practices.
The results were originally due out Thurs. Sept. 7.
The cataloger and retailer said its board of directors has formed a special committee to conduct this review with the assistance of independent lawyers and accounting experts.
According to news reports, Sharper Image is the latest company to review its stock options practices, amid a growing furor over manipulation of options grants to benefit executives at some companies.
On Wednesday, Securities and Exchange Commission Chairman Christopher Cox told the Senate Banking Committee that the agency is probing more than 100 companies over possible options-related fraud.
