Shares in Diligent Board Member Services are in a trading halt after the company warned it may have to restate its accounts for previous years.
The company, which helps firms keep track of their accounts online, is awaiting a report from a major accounting firm relating to cancelled stock options to top executives.
The New York-based, New Zealand-listed company was forced to cancel certain stock options to top executives because they breached regulations.
An internal investigation found chief executive, Alex Sodi and another executive were paid too many stock options under an incentive scheme.
Diligent also found other instances in which shares awarded to New Zealand employees may not have complied with regulations.
The company said it will urgently review the report and it may have to restate its accounts for 2012 and prior years.