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Nasdaq to Delist Sonus

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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:

— Phil Harvey, News Editor, Light Reading

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User Rank: Light Beer
12/5/2012 | 1:22:18 AM
re: Nasdaq to Delist Sonus
Wasn't it you guys who, not too long ago, referred to SONET chips as 'sexy' ? And now that oh-so-delicious adjective is being applied to the 'National Association of Securities Dealers Automated Quotations' (NASDAQ). Get a life guys. Really.

I fear for the species....
Larry, Monkey
Larry, Monkey,
User Rank: Light Beer
12/5/2012 | 1:22:17 AM
re: Nasdaq to Delist Sonus
It's a cry for help.
User Rank: Light Beer
12/5/2012 | 1:22:12 AM
re: Nasdaq to Delist Sonus
So when does the executive team get "de-listed" from Sonus? Axing the CFO doesn't appear to solve the problem.

User Rank: Light Beer
12/5/2012 | 1:22:10 AM
re: Nasdaq to Delist Sonus
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