Summary
Hansen Natural Corporation (now Monster Beverage Corp) has filed an 8-K report on February 27, 2007, to disclose a delay in its Form 10-K filing for the fiscal year ended December 31, 2006. The delay is attributed to an ongoing special investigation into certain stock option grants initiated in response to a request from the SEC's Pacific Regional Office in October 2006. The company has appointed a Special Committee with independent counsel to conduct this investigation, which is still in progress. Consequently, Hansen Natural cannot finalize its financial statements and related disclosures for the 2006 fiscal year in time for the regular 10-K deadline.
Key Highlights
- 1Hansen Natural Corporation (MNST) is delaying its 2006 Form 10-K filing.
- 2The delay is due to an ongoing special investigation into stock option grants.
- 3The SEC's Pacific Regional Office requested information regarding Form 4 filings and stock option practices.
- 4A Special Committee with independent counsel is conducting the investigation.
- 5The company is not in a position to complete its financial statements for the fiscal year ended December 31, 2006, due to the investigation.
- 6Selected financial information for Q4 and the full year 2006 and 2005 will be provided via a press release and investor conference call on February 27, 2007.
- 7The Form 10-K filing will likely occur after the fifth calendar day following its prescribed due date.
Frequently Asked Questions
The company is delaying its Form 10-K filing for the fiscal year ended December 31, 2006, because an ongoing special investigation into certain stock option grants has prevented them from completing the necessary financial statements and related disclosures.
The investigation stems from a request by the SEC's Pacific Regional Office on October 31, 2006, concerning the company's SEC Form 4 filings and its stock option grant practices. A Special Committee, with independent legal counsel, has been appointed to conduct this investigation.
The company stated that the Form 10-K will be filed as soon as practicable after the Special Committee's investigation is completed. This will likely be after the fifth calendar day following the original due date.
Pending the conclusion of the investigation, the company has released selected financial information for the fourth quarter and the full fiscal years ended December 31, 2006, and 2005, through a press release and an investor conference call held on February 27, 2007.