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  Listing Council Decision 2003-8
Identification Number 672
Rules 4300 and 4330(a)(3): NASDAQ may exercise its discretion in applying additional or more stringent criteria for initial or continued inclusion or suspend or terminate the inclusion of an otherwise qualified security if NASDAQ deems it necessary to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, or to protect investors and the public interest.
Issue: The company had not timely filed its Form 10-K because it was in the process of restating its prior financial statements. In connection with the restatement, the company was also performing an internal investigation. The Panel granted the company a one month extension to file its Form 10-K and concluded “there appears to have been no intent to mislead or defraud the investing public.”
Determination: There was insufficient record evidence for the Panel to reach a conclusion on the public interest issue, since the internal investigation was not yet complete. In the absence of the results of this investigation, the Panel’s conclusion was premature. The Panel’s decision was vacated to the extent it held that there appeared to have been no intent to mislead or defraud the investing public.
Publication Date*: 7/31/2012 Mailto Link Identification Number: 672
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