NASDAQ Delisting Proceedings

News Brief

I have been informed by a DC lawyer that the Nasdaq Board of Directors has just determined to call for review and suspend the delisting decision of the Nasdaq Listing Council of a public company embroiled in an option misdating investigation and restatement of its financial statements. This is the first time the Nasdaq Board has ever taken this extraordinary step and will give this company additional time to finish its restatements without being delisted. There are a number of companies (including Dell who is running out of time on its non-option misdating restatement effort) who are in this position. The Nasdaq staff is monitoring this situation closely and is keeping a list of those companies, but if you have a company in that position, contact Nasdaq to ensure your client is on the list and is not inadvertently delisted.

Related Contacts
Nancy Wojtas Partner, Palo Alto
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