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  Listing Council Decision 2006-2
Identification Number 649
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 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’s year ended December 31, 2004 Form 20-F was delinquent due to a change of independent auditors and internal accounting staff, the delayed receipt of financial information from a significant investment, and the delayed receipt of accounting information related to the company’s other investments.
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 deliberations, the company had still not filed its delinquent December 31, 2004 Form 20-F. 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. The Listing Council finds that 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. The Listing Council notes that in the absence of accurate and reliable financial statements, Staff is unable to determine if the company was in compliance with all of the Capital Market continued listing requirements.
Publication Date*: 7/31/2012 Mailto Link Identification Number: 649
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