The debacle that is RIM’s Q2 results is still on the go, folks. Before RIM shut down on Friday evening, one of their intern’s (presumably) chucked out this press release updating the general public on what’s going on with RIM and their financial situation. Bi-weekly updates are still part of the deal that RIM’s made with the OSC, and this’ll continue until June 1, it seems.
As previously disclosed, the Company had originally anticipated updating its filings with the Canadian securities regulatory authorities and the United States Securities and Exchange Commission (SEC) prior to its fiscal year end of March 3, 2007. Despite best efforts, the Company determined that additional time is required for the Company and its advisors to prepare the updated filings and for the independent auditors to complete their review of those filings.
As a result, pursuant to the management cease trade order previously issued by the Ontario Securities Commission (OSC), RIM provided an update to the OSC on March 7, 2007 with respect to the status of the Companyâ€™s continuous disclosure obligations. The OSC continued the management cease trade order (MCTO) in accordance with its terms, provided that the Company report to the OSC on the status of its continuous disclosure obligations on June 5, 2007 if the OSC has not received all necessary Company filings by June 1, 2007.
In the interim, RIM will continue to provide bi-weekly updates on its affairs until such time as the Company is current with its filing obligations under Canadian securities laws. The Company has had communications with both staff of the OSC and staff of the SEC about its internal review. The Company intends to continue to cooperate with the OSC and SEC.
The Company reported that there have been no other material developments in the matters reported in the status update of the Company dated March 5, 2007.
Check out the full release here.