NASDAQ Delisting Proceedings

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.

This content is provided for general informational purposes only, and your access or use of the content does not create an attorney-client relationship between you or your organization and Cooley LLP, Cooley (UK) LLP, or any other affiliated practice or entity (collectively referred to as “Cooley”). By accessing this content, you agree that the information provided does not constitute legal or other professional advice. This content is not a substitute for obtaining legal advice from a qualified attorney licensed in your jurisdiction and you should not act or refrain from acting based on this content. This content may be changed without notice. It is not guaranteed to be complete, correct or up to date, and it may not reflect the most current legal developments. Prior results do not guarantee a similar outcome. Do not send any confidential information to Cooley, as we do not have any duty to keep any information you provide to us confidential. This content may be considered Attorney Advertising and is subject to our legal notices.