BOSTON—Shares of American Tower Corp. slid after the tower vendor said it will have to restate earnings due to inconsistencies regarding past stock-option grants.
The company plans to file an amended annual report for 2005 that will “reflect the restatement of its consolidated financial statements” for the fiscal years 2003 through 2005. American Tower also expects to file an amended report for the first quarter of 2006.
The new reports are expected to be filed in the next three to five weeks, American Tower said. Meanwhile, the company’s special committee will continue to investigate the grants.
American Tower is one of dozens of U.S. companies ensnared in the expanding investigations into inconsistently dated stock-option grants. Boston Communications Group Inc., Comverse Technology Inc. and Openwave Systems Inc. have also come under the microscope for questionable grants.
Shares of American Tower dipped $1.23, or more than 3 percent, to $35.16 per share following the news.
