These guidelines contemplate that the Company will normally provide bi-weekly updates on its affairs until such time as the Company is current with its filing obligations under Canadian securities laws.
The Company's management-initiated, voluntary review of stock option grants is ongoing. As previously disclosed, the Audit Committee of RIM's Board of Directors has made a preliminary determination that a restatement of RIM's historical financial statements will be required. The Company does not currently anticipate a material adjustment to the preliminary second quarter operating results reported on September 28, 2006, the preliminary operating results for the third quarter of fiscal 2007 reported on December 21, 2006, or to current or future financial years' operating results as a result of the restatement.
The Company expects to file with the Canadian securities regulators and furnish to the United States Securities and Exchange Commission (SEC) its consolidated financial statements and related MD&A for the second and third quarters of fiscal 2007 and its restated historical financial statements and related MD&A prior to its fiscal year end of March 3, 2007.
As previously disclosed, at the request of the Company, the OSC issued a management cease trade order (MCTO) restricting certain insiders of the Company from trading in and acquiring securities of the Company, whether direct or indirect, until two business days following the receipt by the OSC of all filings RIM is required to make pursuant to Ontario securities laws. Three additional insiders of the Company have recently become subject to OSC Policy 57-603 as a result of being promoted or hired and have signed undertakings with the OSC agreeing to comply with the terms of the MCTO as if they were listed as respondents in the MCTO.
The Company has had communications with both staff of the OSC and staff of the SEC about its internal review. The Company intends to continue to cooperate with the OSC and SEC - RIM.
Posted February 5th, 2007 by Nymphadora
