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Sonus: Not out of the Woods Yet

Light Reading
News Analysis
Light Reading

What a difference a week makes. Last Monday, Sonus Networks Inc. (Nasdaq: SONSE) was grinning like the Cheshire Cat, saying that it had all but completed its financial restatements and had even filed some with the Securities and Exchange Commission (SEC). (See Sonus Soothes Numbers Nerves.)

It also said it expected to file its remaining statements within a week, and, as a result, its share price ramped up by 16 percent to $4.75.

But that all now looks a bit premature. The softswitch vendor has just issued a statement saying it is still in the process of refiling, and so has not met the conditions of the "extended exception period" granted by Nasdaq. Now it will have to seek a further "brief exception from the Nasdaq Listing Qualifications Panel for additional time to regain compliance with the Nasdaq filing requirements."

Consequently, the share price slid southward after opening trading today, falling $0.44 (9.69%) to $4.10.

The vendor says it "can't provide any comment over and above this statement."

— Ray Le Maistre, International News Editor, Light Reading

For more info on the state of industry financials, check out the coming Light Reading Live! event:

  • Light Reading's Telecom Investment Conference, in New York City, November 10.

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    12/5/2012 | 1:24:48 AM
    re: Sonus: Not out of the Woods Yet
    at 5:53pm. Stock is trading in mid $5's after hours. Looking for $8 after 8/9 2Q results. Cash position is over $300m and there is a CC tomorrow morning at 8:15am.

    AT$T = SONS = $12/SH

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