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Google May Be Forced To Open Books
WebProNews
Staff Writer
2004-04-19
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A 1934 Securities and Exchange Act may force Google to reveal their financial records by the end of the month. The rule in question states that companies with over 500 stockholders and $10 million in assets must divulge financial results.
Google's profits are estimated to be at $100 million and they have allowed pre-IPO stock options to more than 1000 employees. If these numbers are accurate, Google may be required to release its financial information by April 30, 2004.
According to SEC regulations, companies that meet these stipulations must divulge the same information that publicly traded companies do. This information includes assets, liabilities, partnerships, and operating expenses.
According to SiliconValley.com, Google has options on how it divulges its financial information. "Google may turn out to be the rare company that willingly files public financial reports but doesn't publicly trade its stock. Levi Strauss is one company that does this. Its stock is privately held -- mostly by descendants of the Strauss family -- but the company files quarterly reports with the SEC."
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