Board Diversity
Reference Library - Advanced Search


** To make multiple selections, select the first criterion and then press and hold the Ctrl Key **
1- 1 of 1 Search Results for:
Libraries:   Listing Council Decisions
Filters:   All Years; Continued Listing; All
Search   Clear

Expand All Printer Friendly View Mailto Link 
Page: 1 of 1
Frequently Asked Questions
  Listing Council Decision 2003-12
Identification Number 668
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 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 its Form 10-K and Form 10-Q, which were deficient for a period of approximately five and three months, respectively, as a result of accounting restatements related to revenue recognition adjustments.
Determination: The Panel’s decision was reversed because the company made the required filings, received an unqualified independent auditors’ opinion and was not deficient with any other NASDAQ requirement. However, there was insufficient record evidence to determine whether public interest concerns existed, particularly given the extent of the restatements and a formal investigation being conducted by the SEC. 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: 668
Page: 1 of 1
App Store       Google Play       Listing Center Content RSS Feed
The Nasdaq Stock Market, Nasdaq, The Nasdaq Global Select Market, The Nasdaq Global Market, The Nasdaq Capital Market, ExACT and Exchange Analysis and Compliance Tracking system are trademarks of Nasdaq, Inc.
FINRA® and Financial Industry Regulatory Authority, Inc.® are registered trademarks of Financial Industry Regulatory Authority, Inc.