CALAMP WORKING TO AVOID NASDAQ DELISTING.Byline: Brent Hopkins Staff Writer CAMARILLO - Fighting to stay alive, California Amplifier filed an appeal Thursday in an attempt to avoid delisting Delisting When the stock of a company is removed from a stock exchange. Notes: Reasons for delisting include violating regulations and/or failure to meet financial specifications set out by the stock exchange. by the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. . The telecommunications firm, finding itself the target of 15 simultaneous lawsuits alleging securities fraud, has faced unpleasant circumstances in recent months. After the company had to pull back its fiscal year 2000 annual report to the Securities Exchange Commission in early April, its stock was suspended from trading, and legal actions came flooding in. CalAmp announced Thursday that the Nasdaq would delist delist To drop a security from trading on an organized exchange. Delisting may occur for a number of reasons including failure to meet an exchange's standards or placement of a new listing on another exchange. Compare list. its stock on Tuesday but appealed the ruling, staving stave n. 1. A narrow strip of wood forming part of the sides of a barrel, tub, or similar structure. 2. A rung of a ladder or chair. 3. A staff or cudgel. 4. Music See staff1. off the untimely exit from the exchange until at least May 25. Chief Financial Officer Michael Ferron said the company anticipates that by the end of the month, all requisite filings will be complete and business will be back to normal. ``Hopefully by the 25th hearing, the symbol will return to CAMP and we'll be off and running,'' he said, referring to Nasdaq's modification of its ticker to CAMPE. ``The stock isn't trading, but the company believes it's unlikely that its stock will be delisted.'' Auditing firm Arthur Andersen For the U.S. Supreme Court case commonly known as Arthur Andersen, see . Arthur Andersen LLP, based in Chicago, was once one of the "Big Five" accounting firms (the other four are PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young and KPMG), performing LLP LLP - Lower Layer Protocol , which has been evaluating CalAmp's amended figures, is expected to complete its review prior to the May 25 deadline, Ferron said. ``Arthur Andersen needs to complete the audit, then we will file in conjunction with that new forms to get us up to date with the SEC,'' he said. ``They've been supplied all the information with respect to the fiscal year 2000 restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. . Unless there are unforeseen problems, or all the usual caveats, (California Amplifier) believes it will not be delisted.'' The auditors declined to comment, citing the sensitive nature of the still-pending case. Though the firm may be in trouble momentarily, it has solid fundamentals, said Jim Jevens, Camarillo's economic development consultant. |
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