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  Listing Council Decision 2003-19
Identification Number 661
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: After the company disclosed that it had replaced its auditor, would need to restate its prior period financial statements, and would delay filing its Form 10-K as a result of its audit committee’s investigation into accounting improprieties, the Panel delisted the company’s securities based on a filing deficiency. The company subsequently filed amended prior period financial statements and its Forms10-K and 10-Q, which were deficient for a period of approximately 2 and 1 ½ months, respectively, as a result of accounting restatements related to an overstatement of the company’s revenue and net income.
Determination: The Panel’s decision was reversed because the company made the required filings and received an unqualified independent auditors’ opinion. However, there was insufficient record evidence to determine whether public interest concerns existed, particularly given the extent of the restatements, an investigation being conducted by the SEC, and the result of an internal investigation, which concluded that the company had engaged in fraudulent accounting. Therefore, the matter was remanded to the Panel with instructions to further remand to Staff for an investigation. Thereafter, the Panel was required to issue a decision making a determination as to whether public interest concerns existed. If the Panel determined that no public interest concerns existed and there were no other deficiencies, the Panel was instructed to promptly relist the company’s securities.
Publication Date*: 7/31/2012 Mailto Link Identification Number: 661
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