Cirrus Logic granted Nasdaq listing |
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Published
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Wed, 31 Jan 2007 19:04
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AUSTIN, Texas (AFX) - Chip developer Cirrus Logic Inc. said Wednesday it can continue listing on the Nasdaq Stock Market as long as it provides the exchange with the results of its internal probe of its stock option granting practices.The company said the Nasdaq Listing Qualifications Panel granted the company's request for continued listing as long as the company provides information about the review by March 1 and files any delinquent reports by April 18.Cirrus Logic received a delisting notice from Nasdaq in November because the company had not filed its quarterly report for the period ended Sept. 23.The company was waiting for the review by a special committee of its board of directors to be completed before filing the necessary paperwork.Cirrus Logic is one of more than 180 companies conducting internal investigations or subject to probes by the Securities and Exchange Commission or the Department of Justice concerning potential backdating of stock options.Backdating an option means retroactively setting the option's strike price to a day when the stock traded cheaply. An option with a lower strike price is more valuable because it's less expensive to exercise.The practice is not necessarily illegal, but must be disclosed to shareholders.Cirrus Logic shares fell 3 cents to $7.40 in midday trading on the Nasdaq.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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NASDAQ
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1535.57 |
+3.47 (
0.23 %)
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2007-09-26 ) |
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HANSON
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12:41pm )
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1099.00 |
+3.00 (
0.27 %)
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AMVESCAP
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11:35am )
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607.50 |
+2.50 (
0.41 %)
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| SYMBOL (
2008-11-28 )
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CHANGE
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| SYMBOL (
2008-11-28 )
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