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NASDAQ serves Atari seconds

More delinquent paperwork spurs second delisting notice from stock exchange.


Apparently, Atari didn't learn its lesson from grade school that bad things happen when work is turned in late. The publisher announced today that it has been served with its second NASDAQ delisting notice due to its failure to file a Form 10-Q quarterly report.

A Form 10-Q is a standard quarterly report that reflects such information as financial statements, discussion from the management, and a list of material events such as stock splits or acquisitions that have taken place during the quarter. Atari did not cite a specific reason for its delay.

In July, Atari was served with its first delisting notice due to a failure to file its annual financial report, known as a Form 10-K. At that time, Atari stated that it was unable to file the annual report because it was "still determining what, if any, accounting entries it needs to make with respect to certain severance matters."

Its delinquency was also felt by parent company Infogrames, who cited Atari's delayed first-quarter financial statements as cause for the France-based company's inability to finalize its own financial reporting.

Atari expects to file its Form 10-K sometime before its August 30 appeal to the NASDAQ Listing Qualifications Panel, with the Form 10-Q to follow "as promptly as possible thereafter." Atari has been granted a stay from delisting as it awaits the outcome of the upcoming appeal.

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