Check out paragraph talking about SEC investigation!
"The Company also announced today that it was recently served with
a summons and complaint regarding a lawsuit filed in United States
District Court for the Southern District of New York alleging, among
other things, certain violations of federal securities laws by the
Company and certain of its current and former officers and directors
relating to statements made in press releases and public conference
calls. The Company is reviewing the complaint."
TTR Technologies Receives Formal Notification From Nasdaq
2002-09-05 16:21 (New York)
Regarding Possible Delisting; TTR Comments On
Lawsuit
Business Editors & High-Tech Writers
NEW YORK--(BUSINESS WIRE)--Sept. 5, 2002--TTR TECHNOLOGIES, INC.
(Nasdaq NM: TTRE) announced that it has been notified by The Nasdaq
Stock Market, Inc. (Nasdaq) that the Company does not currently
satisfy the minimum $4.0 million net tangible assets requirement or
the minimum $10.0 million stockholders' equity requirement for
continued listing on the Nasdaq National Market.
The Company expects to present a plan to Nasdaq which is intended
to achieve and sustain compliance with the requirements for continued
listing on the Nasdaq National Market. If Nasdaq does not find this
plan acceptable, the Company's common stock will be delisted from the
Nasdaq National Market, subject to appeal by the Company. This
notification from Nasdaq is the formal notice that the Company
anticipated receiving, as was disclosed in its Form 10-Q for the
quarter ended June 30, 2002.
The Company is also currently studying the possible alternative of
applying to list its securities on the Nasdaq SmallCap Market.
There can be no assurance that the Company will be able to
maintain its Nasdaq National Market listing or that the Company will
be able to successfully transfer to the Nasdaq SmallCap Market.
The Company also announced today that it was recently served with
a summons and complaint regarding a lawsuit filed in United States
District Court for the Southern District of New York alleging, among
other things, certain violations of federal securities laws by the
Company and certain of its current and former officers and directors
relating to statements made in press releases and public conference
calls. The Company is reviewing the complaint.
About TTR Technologies, Inc.
TTR (http://www.ttrtech.com) designs, markets and sells
proprietary anti-piracy products. The company has developed and
commercialized products for the software and entertainment industries
and is expanding its product range and reach through in-house
development and joint ventures. In addition to developing
SAFEAUDIO(TM), TTR is investing in Digital Rights Management
Protection technologies as well as security solutions for the DVD-ROM
market. TTR has a joint development and marketing agreement for music
CD copy protection with Macrovision Corporation (Nasdaq: MVSN - News).
TTR's shares are listed on the Nasdaq National Market (TTRE).
Forward-Looking Statements
All statements contained herein, as well as oral statements that
may be made by the Company or by officers, directors or employees of
the Company acting on the Company's behalf, that are not statements of
historical fact, including the statement of the Company's expectation
to present a plan to comply with Nasdaq National Market continued
listing requirements, constitute "forward-looking statements" and are
made pursuant to the Safe-Harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors, including a
decision by the Company that the expense of maintaining the Nasdaq
National Market listing is prohibitive, that could cause the actual
results of the Company to be materially different from the historical
results or from any future results expressed or implied by such
forward-looking statements. Such risks and uncertainties are outlined
in the Company's Annual Report on Form 10-K for 2000, its Quarterly
Reports on Form-10Q, and such other documents as are filed with the
Securities and Exchange Commission from time to time. The Company is
not obligated to revise or update any forward-looking statements in
order to reflect events or circumstances that may arise after the date
of this release.
--30--kf/ny*
CONTACT: TTR Technologies, Inc., New York
Samuel Brill, 212/527-7599
samb@ttrtech.com
or
Stern & Co., New York
Investor Relations:
Truc N Nguyen, 212/888-0044
tnguyen@sternco.com
Media:
Stan Froelich, 212/888-0044
sfroelich@sternco.com
KEYWORD: NEW YORK
INDUSTRY KEYWORD: BANKING COMPUTERS/ELECTRONICS SOFTWARE
SOURCE: TTR Technologies, Inc. |
