Apple fights to stay listed on the Nasdaq
Stock mishandling causes problems for computer giant
13 August 2006 21:21 GMT / By Stuart Miles
Apple is fighting to keep its shares listed on the Nasdaq Stock Market after its mishandling of past employee stock options will cause it to miss a regulatory deadline for filing its latest quarterly results.
According to newspaper reports over the weekend, the Cupertino-based company formally notified the Securities and Exchange Commission on Friday that it would not meet the deadline for reporting its fiscal third-quarter results.
That triggered a letter from Nasdaq saying Apple no longer met the exchange's listing requirements. Companies that trade on the tech-heavy Nasdaq have 40 days after the close of a quarter to file their reports with the SEC.
The report covers the 3 months ending July 1, a period in which the company has previously said it earned $472 million.
By requesting a Nasdaq hearing, Apple ensured its shares will remain listed until a two-person panel reviews the matter and then issues a ruling.
"The Company is focused on resolving these issues as quickly as possible", Apple said in a Friday statement that echoed earlier remarks.
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