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SCO Possibly Delisted from NASDAQ

Posted by Zonk on from the my-karma-ran-over-your-dogma dept.

canfirman writes "Reuters is reporting that SCO could be delisted from the NASDAQ because "it has not filed its annual 10-K report with the SEC". The company claims it's because "it is examining matters related to stock issued as part of its compensation plans". SCO Stock is sitting at $4.30 at opening today. It'll be interesing to see where it goes from here."

6 of 366 comments (clear)

  1. SCOX - SCOXE by ballpoint · · Score: 5, Informative

    Symbol change tomorrow:
    http://ca.us.biz.yahoo.com/prnews/050217/lath062_1 .html

    --
    Flourescent (adj): smelling like ground wheat.
    1. Re:SCOX - SCOXE by Jerky+McNaughty · · Score: 5, Informative

      E means they are deliquent in SEC filings; usually it's related to earnings (as it is in SCO's case). Other letters used commonly are Q (bankruptcy filings; bad) or Y (trading as depository receipts (ADRs); not bad, for example, ERICY).

  2. not really likely to get delisted... by draos · · Score: 5, Informative

    If the nasdaq adds an 'e' to the symbol then SCO will have 30 days to file the 10-k before they are delisted. Also the nasdaq routinely allows companies to extend the 30 day deadline if the company can make a case for why they are late in filing....so while they are likely to get an e I find it unlikely they will allow themselves to be delisted.

    1. Re:not really likely to get delisted... by DrXym · · Score: 5, Informative

      According to the news release, they'll be delisted on February 25 - i.e. one full week from now unless they appeal.

  3. We're about to find out the dirt on Darl by Animats · · Score: 5, Informative
    SCO can't file their 10-K because "it is examining matters related to stock issued as part of its compensation plans"? That's one of the lamer excuses sent to the SEC in a while.

    The "10-K" is the backup data behind a company's annual report. It's the single most important disclosure of a company's financial status. The SEC allows 3 months after the close of the fiscal year for a 10-K filing. SCO's year closed at the end of October, and their 10-K was due at the end of January. Late filing of a 10-K or 10-Q (the quarterly report) is considered a major red flag for a stock. When I was following dying dot-coms, a late 10-K or 10-Q was a strong indicator of trouble. Nobody files late because they have unexpectedly good numbers.

    SCO filed an NT-12K form with the SEC, asking for a 15-day extension. "The Company currently anticipates that the Form 10-K will be filed by no later than the fifteenth calendar day following the date on which the Form 10-K was due." They missed that date, too.

    There has to be something really embarassing in the compensation plan. Really embarassing, if they're willing to risk delisting from the NASDAQ.

    Delisting kicks a stock down to the pink sheets. That's where the penny stocks favored by spammers and scammers live.

  4. Re:requirements? by Anonymous Coward · · Score: 5, Informative
    why would shareholders sue their own business?

    Because the company was mismanaged. Because the executives were negligent in performing their duties.

    Shareholder lawsuits happen all the time. You don't follow business news, do you?