Irvine-based telescope maker Meade Instruments Corp. said Monday it needs more time to file quarterly results to finish a look into its stock options grants.
The company projects to lose $3 million on sales of $19 million for the quarter ended May 31.
Meade faces possible delisting from Nasdaq because of the delay, as well as a lag in filing its annual report. The company said it plans to go before a Nasdaq board on Aug. 3 to request an extension.
Meade is one of many companies nationwide and a handful locally that are being looked at by the Securities and Exchange Commission for allegedly backdating stock option grants at low points for their stocks.
In June, Meade said it received notice from the SEC that the agency was doing an informal inquiry into its stock options grants. Meade started its own review of its options grants in May.
The issue is the latest in a string of problems for Meade.
In June, Meade said it settled a shareholder dispute by expanding its board. The company added two seats to make way for representatives from investors that had complained about performance and executive pay.
