Research In Motion Ltd. (RIM), maker of the BlackBerry e-mail phone, will miss its goal of filing restated earnings by March 3, the end of its fiscal year, as the Canadian company completes an investigation into its stock-options grants.
The company expects to release the restatements on March 5, Waterloo, Ontario-based Research In Motion said today in a statement. Chief Financial Officer Dennis Kavelman didn't immediately return an after-hour call.
``Despite best efforts, the company has determined that additional time is required for the company's independent auditors and other advisors to complete the process and for the company to update its filings,'' according to the statement.
The company doesn't anticipate making material adjustments for the second, third or current quarter because of the investigation, according to the statement.
The shares dropped C$8.31, or 4.9 percent, the biggest drop in more than a month, to C$161.90 in Toronto Stock Exchange trading today. The stock has risen 8.7 percent this year.
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