SCO Facing Delist on Nasdaq
|
SCO Group, has picked another confrontation in addition to those with IBM and Novell. This time, it faces delisting from the Nasdaq exchange. The reason is a failure by SCO to file its Form 10-K. SCO will have to face a hearing with Nasdaq officials. Otherwise SCO will not be traded on Nasdaq from Feb 25th. The form in question, 10-K is a filing every publicly listed company in America has to make to the Securities and Exchange Commission. Since 2002, the Form 10-K has taken on extra significance because of Sarbanes-Oxley. The reason given by the company was an internal investigation into stock compensation. Further analysis is required according to the company. "The Company is working to resolve these matters as soon as possible and expects to file its Form 10-K upon completion of its analysis," it said. The year in question finished on Oct 31, 2004. "The Company expects to make a request for a hearing with the Nasdaq Listing Qualifications Panel to appeal the Nasdaq staff's determination," SCO said. "This request will stay the delisting pending the hearing and a determination by the Nasdaq Listing Qualifications Panel. There can be no assurance that the Panel will grant the Company's request for continued listing." The shares took a pounding, a drop of 5% happened on news of a possible delisting.
|
Related Articles
Similar Areas Selected Books Keywords
|