Foundry says stock delisting on hold |
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Tue, 30 Jan 2007 00:37
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SANTA CLARA, Calif. (AFX) - Foundry Networks Inc., a maker of computer network switches and routers, said Monday the Nasdaq Stock Market has put on hold an earlier decision to delist the company's stock.Based on a Dec. 12 decision by a Nasdaq panel, the company's continued listing on the market rested on becoming up-to-date in its financial filings by Feb. 12. The stay announced Monday gives the company until March 2 to submit information to Nasdaq officials.Foundry's chief financial officer and president resigned last week after a board-ordered review found problems with executives' stock options practices. An internal review of stock options practices uncovered that former CFO Timothy D. Heffner had exercised two stock options in which he netted $162,000 after taxes due to improper dating. Heffner has agreed to repay the difference.The company has said it plans to file its year-end report for 2006 by March 1. Its reports for the second and third quarters of 2006 have also been delayed due to the stock options investigation.Shares of Foundry rose 12 cents, or less than 1, to close at $14.21 on the Nasdaq.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Foundry CFO resigns amid options probe 