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News

26 October 2007

 

Kopin granted until 17 December to regain Nasdaq compliance

Kopin Corp of Taunton, MA, USA, which makes heterojunction bipolar transistors (HBTs) and liquid-crystal CyberDisplays, says that Nasdaq’s board of directors has granted it extra time (until 17 December) to file all delinquent periodic reports necessary to regain compliance its Rule 4310(c)(14) regarding the timely filing of periodic reports with the US Securities and Exchange Commission.

In mid-September, Nasdaq’s board stayed Kopin’s delisting, following a review of the 27 July decision of the Nasdaq Listing and Hearing Review Council that the firm had until 25 September to file its overdue periodic financial reports.

“The board considered the actions of the company to identify and address the underlying problems that caused its failure to file, including its reliance on outside advisors, and its progress towards regaining compliance,” says Joan C. Conley, NASDAQ senior VP and corporate secretary. “The board also considered the extraordinary circumstances faced by numerous public companies that have been required to restate historical financial statements due to accounting issues, including the delays associated with conducting independent investigations, seeking guidance from the SEC and obtaining review by outside auditors.”

As announced in May, a special investigative committee (appointed by Kopin’s board) issued preliminary findings and recommendations based on its review of the firm’s historical stock option granting practices. As part of its preliminary findings, it recommended, and the company’s board of directors agreed, that the firm’s financial statements for the period 1995 through 2006 and the related interim periods should not be relied upon, and that financial statements should be restated. Kopin is now working to complete any necessary restatements. As a result of the ongoing review, Kopin has not filed its quarterly reports on Form 10-Q for third-quarter 2006 and the first and second quarters of 2007. Kopin is also delinquent in filing its annual report on Form 10-K for 2006.

If Kopin has not regained compliance by 10 December, the Nasdaq board will instruct its staff to discuss the reason and update it on whether they believe Kopin’s stock should remain listed.

See related items:

Nasdaq board stays Kopin delisting

Nasdaq issues further warnings to Kopin and Emcore

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Visit: www.kopin.com