8 January 2011

Emcore receives NASDAQ notice due to delay in filing annual report

Emcore Corp of Albuquerque, NM, USA, which makes components and subsystems for the broadband, fiber-optic, and solar power markets, says that on 30 December it received a letter from the NASDAQ Stock Market indicating that it was not in compliance with the continued listing requirements under NASDAQ Listing Rule 5250(c)(1).

The letter was issued in accordance with standard NASDAQ procedures because the firm did not file on time its annual report on Form 10-K for fiscal 2010 to end-September with the US Securities and Exchange Commission (SEC).

As announced on 29 December, the filing has been delayed because the firm’s prior auditor Deloitte & Touche LLP (the independent auditing firm that audited its financial statements for the fiscal years ended 30 September 2008 and 2009) has not completed their procedures to re-issue their opinion with respect to Emcore’s financial statements for those fiscal years. Deloitte is specifically reviewing their audit procedures performed on the firm’s goodwill and intangible assets accounts.

Emcore says that it intends to file the 2010 Form 10-K “as promptly as practicable” once Deloitte is able to re-issue its opinion with respect to the prior fiscal years.

The firm is required to submit a plan (by 28 February) for regaining compliance with NASDAQ’s requirements for continued listing.

See related items:

Emcore’s net loss slashed to $0.9m as quarterly revenue grows 16%

Emcore revenue shrinks 3% as it concludes accounting review

Tags: Emcore

Visit: www.emcore.com