Tuesday, August 15, 2006

F5 Gets NASDAQ Determination Letter

Seattle-based F5 Networks reported today that it has received a NASDAQ Staff determination letter, indicating that the company is not in compliance with the filing requirements for continued listing on the NASDAQ. The company received the letter because of a delayed 10-Q filing for the quarter ending June 30th. F5 said that it will request a hearing before a NASDAQ Listing Qualification Panel. F5 is one of the many high tech companies that have delayed their 10-Q filings because of stock option grant reviews, as the SEC has been broadening its investigation into widespread stock option backdating in the industry. F5, which has a special committee looking into its stock option grant practices, said that it will file its 10-Q, along with restated historical financial statements, as soon as possible after the completion of the special committee's review. F5 is listed on the NASDAQ as FFIV.