Cirrus Logic granted continued Nasdaq listing
By Colleen Taylor -- EDN, January 31, 2007
Cirrus Logic Inc. said today it has received notice from the staff of Nasdaq that, despite its tardy filing of regulatory Securities and Exchange Commission (SEC) forms, its stock will continue to be listed on the Nasdaq market.
Cirrus' continued listing, however, is subject to the conditions that the company provides Nasdaq with information about its internal stock options probe on or about March 1, and files any delinquent periodic reports, and any required restatements, by April 18.
In November, Nasdaq determined that the company was not in compliance with the market's continued listing requirements because it has not filed its quarterly report to the SEC on Form 10-Q for the quarter ended Sept. 23. The forms were delayed by the company's ongoing investigation into its stock option granting practices brought on by the industry-wide crackdown on illegal backdating.
Cirrus is not the only company that has had a close call with delisting from the market. After receiving similar threats of delisting, Atmel Corp., Broadcom Corp. and Brooks Automation Inc. were all ultimately given a pass from the market in recent months for their stocks to remain listed. Others, however, have not been so lucky. Comverse Technology Inc. received word this week from Nasdaq that its common stock will indeed be delisted from the market, effective at the open of business on Thursday.
