BEDFORD, Mass.—Boston Communications Group Inc. said it probably will have to restate its finances due to its review of its stock-option grants and stock-option practices.
The company said it continues to review its stock-options practices, but its preliminary conclusions show that the company did not record certain grants on the date they were awarded. As a result, BCGI said it likely will have to restate some financial statements to record additional non-cash charges for stock-based compensation expenses.
The company said it has not yet figured out the amount of the expenses, the resulting tax impact or the periods that need to be restated.
BCGI said it plans to file its 10-Q for the quarter ended June 30 after it concludes its stock-options review.
The company is one of a number of wireless players caught in the widening stock-options issue.
