And, of course, there's the delisting and lawsuit angle, being played today:
>>FREMONT, Calif., Dec. 6 /PRNewswire-FirstCall/ -- Ciphergen Biosystems, Inc. (Nasdaq: CIPHE - News) announced today that on December 2, 2005, the Nasdaq Listings Qualification Department ("Nasdaq") notified Ciphergen Biosystems, Inc. (the "Company") that the Company has failed to comply with the continued listing requirements of The Nasdaq National Market because the market value of the Company's listed securities has fallen below $50,000,000 for 10 consecutive business days (pursuant to Rule 4450(b)(1)(A) of the Nasdaq Marketplace Rules). Pursuant to Nasdaq Marketplace Rule 4450(e)(4), the Company was provided a period of 30 calendar days, or until January 3, 2006, to regain compliance.
The December 2, 2005 Nasdaq notice is in addition to the notice disclosed in the Company's Form 8-K filed with the Securities and Exchange Commission on November 16, 2005. The Company will be appealing Nasdaq's delisting determination at a hearing before the Nasdaq Listing Qualifications Panel, which is currently scheduled for December 8, 2005.
Additionally, the Company and several of its officers have been named as defendants in a securities class action complaint filed on December 5, 2005, in the United States District Court, Northern District of California. The complaint has been brought on behalf of all persons who purchased the Company's common stock from August 8, 2005, when the Company issued a press release announcing unaudited financial results for the second quarter of 2005 through November 16, 2005, when the Company announced its intention to restate those financial results. The Plaintiffs do not demand any particular amount in damages. The Company has not responded to the complaint.<<
snip
No Cheers Here, Tuck |
