Shares of MRV Communications Inc. continued to fall on Monday after the company announced late last week that it may have to restate financial results once a board-appointed committee re-examines its stock option practices.

The results of an investigation could affect financial statements from 2002 to 2008, the Chatsworth-based fiber-optic equipment maker said in a statement Friday.

MRV was down 7 cents, or 5 percent, to $1.38 at mid-day Monday on the New York Stock Exchange, after dropping 24 percent on Friday. The stock is down more than 37 percent from the first of the year. MRV has had nine straight years of annual losses.

At issue are two of MRV’s European units, which granted options from 2002 through the first quarter of 2004, the company said. MRV conducted an informal review in 2006 and 2007 that initially concluded “there was no evidence that grant dates of options were designed to occur on dates with more favorable exercise prices.”

The company said it now is reconsidering that view, and that a committee of independent directors, outside legal counsel and accountants will conduct the review. The U.S. Securities and Exchange Commission also has been notified. The company was not sure how long its review would take.