Nasdaq: THQ in the clear
Publisher says it received formal notification that it has regained compliance with stock market standards.
Earlier this month, THQ updated shareholders on its ongoing stock option scandal. The publisher said an independent committee appointed by its board of directors found no evidence of fraud or misconduct on the part of the company, even though poor accounting practices had caused it to underreport the value of its stock option grants to employees by $11 million.
However, to regain compliance with and remain listed on the Nasdaq stock exchange, THQ still had to catch up with quarterly filings that it had missed while examining its stock grants. The company submitted those filings last week, and today it announced that the Nasdaq formally notified THQ that it was once again compliant with its policies and would continue to be listed.
The market responded positively to the news, as THQ stock closed up $.35--a little more than 1 percent--to end the day at $33.34.
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