Maxim Integrated Products, Inc. (NASDAQ: MXIM) today announced that the Securities and Exchange Commission has ordered that the Nasdaq Stock Market LLC's decision to suspend and delist the Company's common stock be stayed on an interim basis in order to allow the Commission to more fully consider and evaluate the issues involved in the Company's appeal.
As previously disclosed by the Company on August 23, 2007, the Board of Directors of Nasdaq gave the Company until September 25, 2007 to file its past due periodic reports with the Commission and regain compliance with Nasdaq's listing requirements contained in Nasdaq Marketplace Rule 4310(c)(14) or face suspension of trading of the Company's common stock as of the opening of business on September 27, 2007, and subsequent delisting. While the Company continues to make progress in restating its prior periods, it was unable to file its past due periodic reports with the Commission by Nasdaq's September 25, 2007 deadline.
On September 18, 2007, the Company formally requested that the Commission stay Nasdaq's decision to suspend and delist the Company's common stock as of the opening of business on September 27, 2007. Earlier today, the Commission issued its interim stay order. In light of the Commission's interim stay order, the Company's common stock will remain listed on the Nasdaq Stock Market and remain part of the Nasdaq 100 pending the Commission's consideration of the issues involved. The Company is unable to predict the duration of the stay order or the eventual outcome of the Commission's evaluation of the issues.
The Company currently expects its restatement to be completed and its past due periodic reports to be filed during the first quarter of calendar year 2008. There have been no other accounting issues discovered that would otherwise trigger a restatement.
About Maxim - Maxim Integrated Products is a leading international supplier of quality analog and mixed-signal products for applications that require real world signal processing.
Except for statements of historical fact, the statements in this press release are forward-looking under the Private Securities Litigation Reform Act of 1995. The forward-looking statements include statements regarding the Company's current expectation that its restatement will be completed and its past due periodic reports will be filed during the first quarter of calendar year 2008. The forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. The potential risks and uncertainties include, among others, that the Company is unable to predict with certainty when it may be able to file any future SEC reports; the risk that the SEC may ultimately allow Nasdaq to suspend and delist the Company's common stock; the risk that the matters described in this press release could divert management's attention from operations; and the fact that expenses arising from the independent stock review and inquiries made by governmental agencies, the financial statement restatement, related litigation and other associated activities are expected to be significant.
All forward-looking statements included in this news release are made as of the date hereof, based on the information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.
Investment Community Contact: