HCC Insurance Holdings said on Monday it will delay filing its quarterly report on Form 10-Q for the second quarter until an independent review of its stock option granting practices is completed.
A voluntary internal review found that in some instances the grant date may differ from the date used to record certain prior option grants, the Houston-based company said.
The board of directors authorized its audit committee to conduct a comprehensive independent review of the stock option granting practices from 1995 to the present.
The review is continuing and no conclusions have been reached, HCC said. The company voluntarily notified the Securities and Exchange Commission, and the SEC has initiated an informal inquiry into this matter.
While there is no certain date as to when the review will be completed, the company said it is aiming for the due date for its third-quarter financial reports.
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