IRVING, Texas — CEC Entertainment, parent of 522-unit Chuck E. Cheese's Pizza, told the Securities and Exchange Commission it will miss the deadline to file final financials for its second quarter ended July 2.
According to a regulatory filing, CEC's audit committee, along with independent legal counsel, is reviewing the company's practices relating to stock option grants. CEC said recent media coverage regarding stock-option granting practices of publicly traded companies led it to launch its own voluntary review. That review is not complete, which will delay the finalization of its second-quarter report by the SEC deadline.
The SEC allows a five-day extension on the deadline, but CEC said it expects to miss that as well.
CEC also reported that after it told the SEC it was conducting its own review, the SEC said it would begin its own "informal inquiry into the Company's historical stock option granting practices."