Nasdaq to Delist Sonus
Shares of Sonus Networks Inc. (Nasdaq: SONSE) fell fast this morning, as the company announced that its stock was going to be delisted by Nasdaq starting tomorrow.
The switch maker's stock had fallen $0.28 (6.86%) to $3.80 in early afternoon trading on Thursday. The stock has lost 51 percent of its value since January 2.
The company's financial troubles -- and its delay in restating past quarterly earnings -- caused Nasdaq to go through with a delisting, even after the exchange had granted the company some leeway regarding filing deadlines. Sonus shares will likely be quoted on the National Quotation Service Bureau (the "Pink Sheets") until the shares become eligible for trade on the OTC Bulletin Board, Sonus says.
"Our rules require the company to notify the public of decisions such as this," says a Nasdaq spokesman. "Our policy prohibits us from providing additional comment."
Sonus is still trying to right itself after a searing financial scandal that has already led to the dismissal of the company's CFO. Sonus did not respond to requests for comment.
For some summertime reading on the saga, please review our coverage of Sonus from the past few months:
- Sonus Stays on Nasdaq
- Sonus Gets Nasdaq Reprieve
- Sonus Files, Share Price Rockets
- Sonus Files Restatements, Reports Q1
- Sonus: Not out of the Woods Yet
- Sonus Provides Filing Update
- Sonus Soothes Numbers Nerves
- Sonus Completes Financial Review
- SEC Steps Up Sonus Probe
- Sonus Redeploys CFO
- Sonus Drops a Bomb
— Phil Harvey, News Editor, Light Reading