Covad Communications says it expects to file its 10-K and 2000 financial results the week of May 21. On April 30, when bondholders sent Covad a letter reminding it of its fiduciary responsibilities, Covad told CEDaily it expected to file its already late 10-K the week of May 7. On April 4, the company announced it would be late filing its annual report with the SEC, citing complex accounting issues and new SEC rules that would lower its 2000 revenue.
Today, Covad Chair Chuck McMinn said in a statement that the company quintupled its size and made two major acquisitions in 2000.
"We thought we would be done by now, but, unfortunately, we are not," he says. "While we are working through the process diligently and making significant progress, we are dealing with very complex matters that require additional time. We expect to file our 10-K prior to our NASDAQ hearing (May 24)."