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News

17 July 2007

 

Finisar receives Nasdaq staff determination notice for last fiscal year

Fiber-optic component and subsystem maker Finisar Corp of Sunnyvale, CA, USA says that on 9 July it received another staff determination notice from The Nasdaq Stock Market stating that it is not in compliance with Nasdaq’s Marketplace Rule 4310(c)(14) because it did not timely file its annual report on Form 10-K for the fiscal year to end-April 2007, and that its common stock is subject to delisting.

On 29 June, Finisar filed a Form 12b-25 with the Securities and Exchange Commission reporting that it had delayed filing Form 10-K until ‘as soon as practicable’ after the completion of a review of its historical stock option grant practices being conducted by an audit committee of its board of directors.

Finisar had previously received similar staff determination notices for failing to timely file its quarterly reports on Form 10-Q for the quarters to end-October 2006 and end-January 2007. In response to the original notice, Finisar requested a hearing before the Nasdaq Listing Qualifications Panel, which was held on 15 February, when Finisar requested continued listing of its stock pending completion of the review, the preparation of restated financial statements (if required), and the filing of the October 10-Q. Finisar supplemented its request to cover the delayed filing of the January 10-Q.

On 4 April the panel issued a decision granting Finisar extensions to 11 June to file its October 10-Q (plus any necessary financial restatements) and to 3 July to file its January 10-Q. Finisar appealed the decision to the Nasdaq Listing and Hearing Review Council, requesting that it stay the decision, and any future panel decisions to delist Finisar, pending appeal, and grant Finisar an extension to come into compliance with its reporting obligations until at least the end of August. The council has since called for review and stayed the panel’s decision, and has requested that Finisar make an additional submission for its consideration by 10 August. It will then review the matter on the basis of the written record.

As a result of the latest staff determination notice, Finisar now says that it intends to supplement its previous submission to Nasdaq to include the Form 10-K in its pending request for additional time to make the required filings.

See related items:

Finisar’s record year tempered by last-quarter

Finisar cuts revenue forecast due to excess inventories

Finisar acquires AZNA and Kodeos after shipping 10 million transceivers/transponders last year

Kopin and Finisar receive further Nasdaq non-compliance notices

Visit: http://www.finisar.com