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Posted on 09/21/2006 10:22:30 PM PDT by N3WBI3
Novell Inc. received a delisting notice from Nasdaq and a default notice from Wells Fargo, both related to the company's delay in filing third-quarter results.
The Waltham, Mass. open source software maker said in a release Thursday that it plans to appeal and request a Nasdaq panel hearing on the matter. The company's stock will remain listed on Nasdaq until the panel makes a decision.
ADVERTISEMENT In August, Novell (Nasdaq: NOVL - News) launched a voluntary probe of past stock option grants. The company is one of 46 investigating past stock option grant practices. While the review is underway, Novell officials said the company would not be able to file third-quarter results on time.
Novell also received a default letter from Wells Fargo, a trustee on Novell's 600 million dollar convertible senior debentures due in 2024.
Published September 21, 2006 by the Boston Business Journal
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rut-ro Shaggy
THey bought suse awhile back
I believe Dell is undergoing the same thing, as is Apple and about 80 other companies. It's mainly hitting high-tech companies since they were the biggest users of stock options as compensation.
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