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ADSK: Delisting Warning

September 21st, 2006

It’s a formality when public companies don’t do their paperwork on time: the stock exchange that lists the stock sends a warning — it’s a procedure. This time, the warning is from the all-electronic Nasdaq stock exchange to ADSK, the world’s biggest CAD company.

First, the official announcement from Autodesk released through PR Newswire:

PR Newswire via Yahoo! Finance, Tue, 19 Sep 2006 1:15 PM PDT
Autodesk to Request NASDAQ Hearing
Autodesk, Inc. today announced that the Company will request a hearing before the NASDAQ Listing Qualifications Panel in response to the receipt of a NASDAQ Staff Determination letter indicating that the Company is not in compliance with the filing requirements for continued listing as set forth in Marketplace Rule 4310.

And then the business press repeats the item like an echo, echo, echo:

AP via Yahoo! Finance, Tue, 19 Sep 2006 1:44 PM PDT
Autodesk Receives Late Notice From Nasdaq
Computer aided design software maker Autodesk Inc. said Tuesday it received a notice from Nasdaq that it has fallen out of compliance with the market because of the delay in filing its second-quarter results.

Sharewatch, Tue, 19 Sep 2006 1:59 PM PDT
Autodesk receives late notice from Nasdaq
Autodesk said it will request a hearing with the Nasdaq Listing Qualifications Panel, and pending a decision by the panel, Autodesk shares will remain listed on the Nasdaq stock market.

bizjournals.com via Yahoo! Finance, Tue, 19 Sep 2006 2:07 PM PDT
Autodesk, warned by Nasdaq, will ask for hearing
Design software maker Autodesk Inc. said Tuesday it has been warned it may be delisted by the Nasdaq for not filing its quarterly financial report on time.

SYS-CON Media, Tue, 19 Sep 2006 6:14 PM PDT
Autodesk to Request NASDAQ Hearing
Autodesk, Inc. today announced that the Company will request a hearing before the NASDAQ Listing Qualifications Panel in response to the receipt of a NASDAQ Staff Determination letter indicating that the Company is not in compliance with the filing requirements for continued listing as set forth in Marketplace Rule 4310(c)(14). As anticipated, the letter was issued in accordance with NASDAQ.

What happens next?

This is not the first time a CAD-related company has faced this situation, so we know what happens next. If Autodesk continues to delay filing paperwork, some more warnings and extensions ensue. If still nothing, then ADSK is temporarily delisted, and shares can no longer be traded. The final stage is permanent delisting from Nasdaq. I trust that it won’t get that far.

Still, the investigation of possible stock backdating must be serious enough for Autodesk to risk these very public, procedural moves by Nasdaq.


Originally
from WorldCAD Access

by ralph grabowski


reBlogged

by progeSOFT

on Sep 20, 2006, :27PM

Originally posted by ralph grabowski from WorldCAD Access

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