Clarent Corporation Provides Update on NASDAQ Determination.Business Editors/High-Tech Writers REDWOOD CITY Redwood City, city (1990 pop. 66,072), seat of San Mateo co., W Calif., on San Francisco Bay; inc. 1868. Manufactures include commmunications, electrical, electronic, and medical equipment. , Calif.--(BUSINESS WIRE)--Jan. 8, 2002 Clarent Corporation (Nasdaq:CLRNE) announced today that it received a Nasdaq Notice of Additional Concerns on January 3, 2002 indicating that the Company has failed to comply with Marketplace Rule 4310(c)(14) with respect to its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2000 because the Annual Report does not contain audited financial statements. Additionally, the Nasdaq notice indicated that the information contained in the Company's September 4, 2001 and October 23, 2001 press releases raises public interest concerns under Marketplace Rules 4300 and 4300(a)(3) related to the protection of investors. The Company announced on November 27, 2001 that it had received a Nasdaq Staff Determination that its common stock was subject to delisting from 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 Company has requested a hearing before a Nasdaq Listing Qualifications Panel to review the Staff Determination and to address the matters described in the Notice of Additional Concerns. As a result, the delisting has been stayed pending the Panel's determination. There can be no assurance that the Panel will grant the Company's request for continued listing. The Company is continuing its investigation into the previously announced overstatement o·ver·state tr.v. o·ver·stat·ed, o·ver·stat·ing, o·ver·states To state in exaggerated terms. See Synonyms at exaggerate. o of historical revenues. The preliminary results of this investigation indicate that there have been financial irregularities that materially affect the previously reported financial results for fiscal year 2000, as well as the first two quarters of fiscal year 2001. About Clarent Clarent Corporation (Nasdaq:CLRNE) is a leading provider of voice solutions for next generation networks. Clarent's solutions enable service providers to deploy a converged network The integration of the telephone system with IP-based data networks. See softswitch. (networking) converged network - A single network that can carry voice, video and data. (voice, data and applications). Clarent solutions reduce costs and increase operating efficiencies while delivering innovative new services that allow end users to manage their communications. Founded in 1996, Clarent is headquartered in Redwood City, Calif. and has offices in Asia, Europe, Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . For more information please visit www.clarent.com. Forward Looking Statements This release contains forward-looking statements that involve risks and uncertainties, including statements about Clarent's future growth and strategic goals. These statements involve risks and uncertainties, including potential issues relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's ability to manage the company as it completes its investigation and restated financial statements, and operate the company to achieve acceptable gross margins, retain customers, the ability of customers to pay Clarent, the regional concentration of revenue, ability to retain key employees, as well as uncertainties associated with the future development of the markets for IP-based communications and changes in the global economic market, government regulations, the international communications industry communications industry, broadly defined, the business of conveying information. Although communication by means of symbols and gestures dates to the beginning of human history, the term generally refers to mass communications. , technological changes and other factors, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. Certain of these risks and uncertainties are described further in our periodic filings with the SEC. Trademarks Clarent and the Clarent logo, are trademarks or registered trademarks of Clarent Corporation in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and other jurisdictions. All other trademarks, registered trademarks and service marks are the property of their respective owners. |
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