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  Listing Council Decision 2003-6
Identification Number 674
Rule 4310(c)(14): The issuer shall file with NASDAQ all reports and other documents required to be filed with the Securities and Exchange Commission ("SEC"). Annual reports filed must contain audited financial statements.
 
Issue: The company failed to file its first and second quarter Forms 10-Q as a result of an investigation and accounting restatements. As a result of the restatements, the company’s financial statements and audit report for the previous fiscal year could not be relied upon. At the time of the Listing Council’s decision, the company had been out of compliance with the filing requirement for approximately five months and had still not made the necessary filings.
 
Determination: The company was properly delisted for failure to comply with the filing requirement. 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 NASDAQ 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 for the previous fiscal year and the subsequent interim periods. Furthermore, in the absence of accurate and reliable financial statements, Staff was unable to determine if the company was in compliance with all of the NASDAQ continued listing requirements.
Publication Date*: 7/31/2012 Mailto Link Identification Number: 674
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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