Corinthian cites option review in delay of results
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Corinthian Colleges Inc. said it would delay the release of its fiscal first-quarter results until Nov. 15 because of an independent review of the for-profit education provider’s stock option grants.
The company was scheduled to release quarterly results Wednesday. A special committee of independent directors is reviewing Corinthian’s historic stock option grants.
Corinthian previously delayed the filing of its fiscal 2006 annual report because the committee did not complete the review, and it subsequently received a delisting notice from the Nasdaq Global Select Market for failing to file the report.
The company said it had appealed the notice, and a hearing before a Nasdaq panel is scheduled for Nov. 9.
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