Santa Ana-based Corinthian Colleges Inc. said Wednesday it’s begun a review of past stock option grants, making it the fourth Orange County company tied to the widening option backdating controversy.
The for-profit college said it will review stock options dating back to 1999, the year it went public.
The board established a committee of independent directors for the review and will take any appropriate action, the company said. Corinthian said it’s informed the Securities and Exchange Commission of its review.
The company is set to give a public statement after the review.
Earlier this month, Aliso Viejo-based Quest Software Inc. said it plans to restate results from 2000 through the first quarter of this year as part of its ongoing look at stock option grants.
A committee looking into Quest’s options found that stock compensation expenses should have been recorded for option grants and recognized over the vesting period of the options. The additional expense “will be significant,” Quest said.
In June, Irvine-based chipmaker Broadcom Corp. said it received a request from the SEC for documents relating to the chipmaker’s granting of options.
Also, Irvine-based telescope maker Meade Instruments Corp. said last month the SEC is doing an informal inquiry into its stock options grants.
Corinthian’s stock was down 3.2% to $13.57 in trading Wednesday.
