Nasdaq wags finger at Activision
Spider-Man 3 publisher fails to report quarterly earnings in time in wake of stock backdating scandal, could face delisting.
Activision today said that it has received another warning from Nasdaq after failing to file its earnings for the quarter ended December 31, 2006, in time. The publisher also said that the warning was expected.
This is the second straight quarter in which Activision has failed to file its earnings in time. Both delays were caused by internal investigations into stock-option grant practices. However, the company did issue a recent "preliminary" earnings report in which it claimed it sold $822.8 million worth of games during the fourth quarter of 2006.
Activision was granted continued listing on the basis that it files both delayed quarterly reports by May 9 of this year, but the company says that there is no assurance that it will be able to. If it fails to file its reports by that date, the company's stock could be delisted.
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