SONS Message Board - Msg: 23011356

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : SONS

SONS 7.830

+2.8%

Nov 28 4:00 PM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

From: John Hayman	11/14/2006 7:08:18 PM
	of 1575

Sonus Networks Gets 2nd Nasdaq Warning Tuesday November 14, 6:09 pm ET Sonus Networks Receives 2nd Warning From Nasdaq Over Its Delayed Financial Filings CHELMSFORD, Mass. (AP) -- Sonus Networks Inc., which provides voice and data communications hardware and software, on Tuesday said it received a second letter from the Nasdaq exchange indicating that the company is not in compliance with its listing requirements because it has not yet filed its third-quarter report. The company delayed filing its financial statement for the quarter ended Sept. 30, due to an internal review of its stock option granting practices. Sonus Networks said earlier this month that it found stock options grants -- mainly between 2000 and 2003 -- in which the measurement dates for accounting purposes were different from the recorded grant dates of the awards. The practice of backdating occurs when a stock option's exercise price is set at a point lower than the prevailing market price, which can inflate the recipient's award. The manipulation itself isn't necessarily illegal, but securities laws require companies to properly disclose the practice in its accounting and settle any charges that may result. If a company doesn't properly deduct the compensation-related expenses, profits could be exaggerated and taxes could be underpaid. The company also received noncompliance notice from the Nasdaq in August because its filing for the quarter ended June 30 was delayed due to the investigation. Sonus Networks said it plans to file both documents "as soon as practicable." Shares of Sonus Networks rose 13 cents to close at $5.21 on the Nasdaq.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next