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  Listing Council Decision 2006-4
Identification Number 647
Rule 4310(c)(14): The issuer shall file with NASDAQ three (3) copies of all reports and other documents filed or required to be filed with the Securities and Exchange Commission (“Commission”). This requirement is considered fulfilled for purposes of this paragraph if the issuer files the report or document with the Commission through the Electronic Data Gathering, Analysis, and Retrieval system. An issuer that is not required to file reports with the Commission shall file with NASDAQ three (3) copies of reports required to be filed with the appropriate regulatory authority. All required reports shall be filed with NASDAQ on or before the date they are required to be filed with the Commission or appropriate regulatory authority. Annual reports filed with NASDAQ shall contain audited financial statements.
 
Issue: The company disclosed it would not timely file its March 31, 2005 Form 10-Q because it needed to restate all of its financial statements between the periods of January 1, 2003 through December 31, 2004, due to revisions in the valuation methodologies used in securitization transactions. The Panel delisted the company’s securities based on a filing delinquency.
 
Determination: The company was properly delisted because at the time of the Panel’s decision, the company was not current in all required public filings. As of the date of the Listing Council’s consideration of this matter, the company had still not filed its restated financial statements or Forms 10-Q for the quarters ended March 31, June 30, and September 30, 2005. The Listing Council takes seriously the requirement to file accurate and reliable financial statements and the concomitant purpose to provide investors with current information regarding the company. Investors in securities listed on The NASDAQ Stock Market are entitled to assume that issuers of those securities will promptly and accurately comply with their reporting obligations under the Securities Exchange Act of 1934. In this case, however, investors did not have access to accurate financial information regarding the company from January 1, 2002 through the date of the Listing Council’s deliberations. Furthermore, in the absence of accurate and reliable financial statements, Staff is unable to determine if the company was in compliance with all of the National Market continued listing requirements.
Publication Date*: 7/31/2012 Mailto Link Identification Number: 647
material_search_footer*The Publication Date reflects the date of first inclusion in the Reference Library, which was launched on July 31, 2012, or a subsequent update to the material. Material may have been previously available on a different Nasdaq web site.
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