Sycamore Networks Receives Expected Notice of Pending Delisting from Nasdaq Due to Late Filing of Form 10-Q
Wednesday December 13, 4:05 pm ET
CHELMSFORD, Mass.--(BUSINESS WIRE)--Sycamore Networks, Inc. (NASDAQ: SCMR - News), today announced that due to the delay in filing its Form 10-Q for the period ended October 28, 2006, it has received, as expected, a letter from the Staff of the Nasdaq Stock Market indicating that the Company's common stock is subject to delisting pursuant to Nasdaq Marketplace Rule 4310(c)(14). That Rule requires the Company to make on a timely basis all filings with the Securities and Exchange Commission, as required by the Securities Exchange Act of 1934, as amended.
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As previously announced, the Company received a letter from the Staff of the Nasdaq Stock Market on October 18, 2006, indicating that the Company's common stock is subject to delisting pursuant to Nasdaq Marketplace Rule 4310(c)(14) due to the delay in the filing of its Form 10-K for the year ended July 31, 2006. Sycamore appealed the Nasdaq Staff's determination to a Nasdaq Listing Qualifications Panel, which automatically stayed the delisting of Sycamore common stock pending the Panel's review and determination. Sycamore will address both SEC filing deficiencies related to the filing of its Form 10-K and Form 10-Q at its scheduled hearing before a Nasdaq Listing Qualifications Panel. Until the Panel issues a determination and the expiration of any exception granted by the Panel, Sycamore's common stock will continue to be traded on The Nasdaq Global Market.
As previously disclosed, Sycamore has delayed filing its Form 10-K and Form 10-Q due to an ongoing investigation being directed by the Audit Committee of its Board of Directors into the granting of stock options and related accounting. While the Company is working diligently to complete the investigation and file its Form 10-K and Form 10-Q, there can be no assurance that the Panel will grant the Company's request for an exception that would allow the continued listing of the Company's common stock on The Nasdaq Global Market.
About Sycamore Networks
Sycamore Networks, Inc. (NASDAQ: SCMR - News) is a leading provider of intelligent networking solutions for fixed line and mobile network operators worldwide. From multiservice access networks to the optical core, Sycamore products enable network operators to lower overall network costs, increase operational efficiencies, and rapidly deploy new revenue-generating services. Sycamore's global customer base includes Tier 1 service providers, government agencies, and utility companies. For more information, please visit www.sycamorenet.com. |
