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August 15, 2006 at 12:33 PM
HCC Insurance Holdings Inc. says it needs more time to complete its Form 10-Q quarterly financial report for the second quarter.
HCC, Houston, a specialty insurance holding company, says it has arranged for an independent review of its stock option granting practices and wants to have the full results before it files the 10-Q.
A voluntary review already conducted “found that in some instances the grant date may differ from the date used to record certain prior option grants, which could mean those grants may have been recorded incorrectly,” HCC says.
The HCC board has reacted to the results of the initial review by asking its audit committee to conduct a comprehensive independent review of option granting practices going all the way back to 1995.
“The audit committee has engaged independent counsel to assist in the review,” HCC says. “This review is ongoing and no conclusions have been reached.”
