VeriSign Sent NASDAQ Delist Threat
VeriSign disclosed Thursday that it had received a notice by the NASDAQ stock market that it was not in compliance with policies regarding listing on the stock exchange, and had requested a hearing to prevent the stock from being delisted. The tech company is the third in the past week to receive such a notice. Apple disclosed its troubles on August 11, followed by CNET Networks several days ago.
As with Apple and CNET, the warning concerns the failure to file a Form 10-Q, which is a more detailed version of the company's quarterly earnings, with the Securities and Exchange Commission. All three companies have been mired in controversy over policies surrounding the awarding of stock option grants, and a process called "backdating," where the moving of the purchase date allows employees to buy into the options at a lower price.