Meade Admits To Accounting Errors

Law360, New York (August 30, 2006, 12:00 AM EDT) -- Telescope maker Meade Instruments Corp. announced Tuesday that accounting errors between 1998 and 2005 led to incorrect measurement dates for some stock option awards.

As a result, the company said its annual financial statements from 2001 to 2005, along with its financial statements for the quarterly periods ending in May, August and November 2005, could no longer be relied upon.

Overall, Meade estimated that its total stock-based compensation expense from 1998 to 2005 would be $3.5 million to $4 million, plus an additional $400,000 from stock...
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