NEWS - Saturday, July 21, 2007
Atari Facing NASDAQ Delisting
After missing the deadline for filing its annual report, Atari Inc. said on Friday that it is facing a possible delisting from the NASDAQ stock exchange. Atari, which is majority-owned by the French company Infogrames Entertainment SA, said it did not file its 10-K report on time for the fiscal year ending March 31 and received a subsequent warning from NASDAQ. That warning reportedly told Atari it is not in compliance with exchange rules, making its stock subject to removal. According to a news release sent out by the company Friday afternoon, Atari hasn’t filed the report because it is "still determining what, if any, accounting entries it needs to make with respect to certain severance matters." In April, Atari finalized a reorganization plan to reduce its workforce by about 20 percent. Last week, the game developer and publisher announced it would be late with the 10-K filing and postponed a planned earnings conference call. The company has requested a hearing on the matter with NASDAQ officials to appeal the decision.Source: http://www.ign.com
