The widening options-timing scandal contributed mightily to a record-setting number of large U.S. corporations filing late financial reports for the second quarter, a study released Wednesday said.
Market research firm Glass Lewis & Co. said 138 companies with market capitalizations above $75 million reported in the second week of August that their quarterly reports would be late.
The most-often cited reason for delay was the need to review past option grants, the firm said.
"Companies filed more late filings for the second quarter of 2006 than for any other quarter since we began tracking them during the first quarter of 2004," said Glass Lewis, based on a review of Securities and Exchange Commission documents.
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