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Monday, August 14, 2006, 06:00 am PT (09:00 am ET)

NASDAQ notifies Apple of non-compliance

The NASDAQ Stock Market on Friday sent a letter to Apple Computer, notifying the company that it is not in compliance with the filing requirements for continued listing on the index.

The letter was issued in accordance with NASDAQ procedures due to the delayed filing of the Apple's Form 10-Q for the quarter ended July 1, 2006.

Apple has requested a hearing before the NASDAQ Listing Qualifications Panel. Pending a decision by the panel, its shares will remain listed on the NASDAQ.

On June 29, 2006, an internal Apple investigation discovered irregularities related to the issuance of certain stock option grants made by the company between 1997 and 2001.

Several weeks later, the company announced that it had discovered additional irregularities and therefore would have to delay the filing of its Form 10-Q for the quarter ended July 1, 2006.

Apple has also said that it will likely need to restate its historical financial statements to record non-cash charges for compensation expense relating to past stock option grants.