Santa Ana-based vocational colleges operator Corinthian Colleges Inc. has wrapped up its stock options probe and said it expects a $5.7 million charge in a restatement of its annual results through June 2005.
Corinthian also said it plans to apply a $500,000 charge to its earnings for the June quarter of this year.
For the current quarter, Corinthian said it expects to see about $1.8 million in legal fees and other expenses related to the options inquiry.
More expenses could be coming, including from a Securities and Exchange Commission inquiry into the company’s option grants that started in August.
In July, Corinthian said it had set up a committee of independent directors to review its past stock option grants.
The probe has delayed Corinthian’s full financial results several times.
The company is one of several locally looking into whether options were granted to maximize their value to the receiver. Others include Irvine chipmaker Broadcom Corp., Aliso Viejo’s Quest Software Inc. and Lake Forest-based disk drive maker Western Digital Corp.
