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| SCO Press Release About NASDAQ Notice |
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Wednesday, February 23 2005 @ 05:52 PM EST
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SCO has placed the following press release on their website, letting the world know that they have indeed received a notice from NASDAQ regarding "potential delisting" for failure to timely file their 10K. They also filed the press release with an 8K with the SEC. They say they expect to request a hearing, and that the reason they couldn't file yet is because they are continuing to "examine certain matters related to the issuance of shares of the Company's common stock pursuant to its equity compensation plans." I know we kind of know this already, but Groklaw is building a complete history of the SCO saga, and so this press release belongs in our archives. Also, note under the heading "Forward Looking Statements", SCO adds: SCO wishes to advise readers that a number of important factors could cause actual results to differ materially from those anticipated in such forward-looking statements, including the Company being delisted following an unsuccessful hearing with the Nasdaq Listing Qualifications Panel or the Company failing to file its Form 10-K. Here is the press release.
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The SCO Group, Inc. Receives Notice From Nasdaq Regarding Potential Delisting and Intends to Appeal
LINDON, Utah, Feb 17, 2005 /PRNewswire-FirstCall via COMTEX/ -- The SCO Group, Inc. (Nasdaq: SCOX), announced today that on February 16, 2005, the Company received a notice from the staff of The Nasdaq Stock Market indicating that the Company is subject to potential delisting from The Nasdaq SmallCap Market for failure to comply with Nasdaq's requirements to file its Form 10-K for the fiscal year ended October 31, 2004 in a timely fashion, as required under Market Place Rule 4310(c)(14). Receipt of the notice does not result in immediate delisting of the Company's Common Stock.
Nasdaq stated that, unless the Company requests a hearing on Nasdaq's delisting notice, the Company's securities will be delisted from the Nasdaq SmallCap Market at the opening of business on February 25, 2005. As of the opening of business on February 18, 2005, an "E" will be appended to the end of the Company's trading symbol for its securities. Therefore, commencing on February 18, 2005, the trading symbol for the Company's common stock will be changed from "SCOX" to "SCOXE".
The Company expects to make a request for a hearing with the Nasdaq Listing Qualifications Panel to appeal the Nasdaq staff's determination. This request will stay the delisting pending the hearing and a determination by the Nasdaq Listing Qualifications Panel. There can be no assurance that the Panel will grant the Company's request for continued listing.
The Company has been unable to file its Form 10-K for the fiscal year ended October 31, 2004 because it continues to examine certain matters related to the issuance of shares of the Company's common stock pursuant to its equity compensation plans. The Company is working to resolve these matters as soon as possible and expects to file its Form 10-K upon completion of its analysis.
Forward Looking Statements
This press release contains forward looking statements related to SCO's intention to make a timely request for a hearing with the Nasdaq Listing Qualifications Panel and file the Form 10-K when its analysis is complete. SCO wishes to advise readers that a number of important factors could cause actual results to differ materially from those anticipated in such forward-looking statements, including the Company being delisted following an unsuccessful hearing with the Nasdaq Listing Qualifications Panel or the Company failing to file its Form 10-K.
About SCO
The SCO Group (Nasdaq: SCOX) helps millions of customers in more than 82 countries to grow their businesses everyday. Headquartered in Lindon, Utah, SCO has a worldwide network of more than 11,000 resellers and 4,000 developers. SCO Global Services provides reliable localized support and services to partners and customers. For more information on SCO products and services, visit http://www.sco.com. SCO, and the associated SCO logo are trademarks or registered trademarks of The SCO Group, Inc. in the U.S. and other countries. UNIX is a registered trademark of The Open Group.
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| Authored by: seeks2know on Wednesday, February 23 2005 @ 06:02 PM EST |
You know the drill
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There is but one straight course, and that is to seek truth and pursue it
steadily."
-- George Washington
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| Authored by: Anonymous on Wednesday, February 23 2005 @ 06:03 PM EST |
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| Authored by: Anonymous on Wednesday, February 23 2005 @ 06:16 PM EST |
It is better to get the threat of delisting than to throw stock at people for
doing a *horrible* job.
Also I have a question. Can NASDAQ suspend trading in lieu of delisting?[ Reply to This | # ]
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| Authored by: Anonymous on Wednesday, February 23 2005 @ 06:18 PM EST |
Under the section:
About SCO,
They list the stock ticker as SCOX rather than SCOXE.
Looks like the statment needs a little more editing.
[ Reply to This | # ]
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| Authored by: argee on Wednesday, February 23 2005 @ 07:19 PM EST |
Am I missing something here? All they need to do to get
SCOX back from SCOXE is merely to file the 10K. They can
do this until the day of the hearing, right? The question
then arises, they MUST NOT want to file the 10k, at least
with the KPMG assesment of the stock options. They would
rather be delisted than file the 10K.
Also, I thought the 10k was mandatory. Failure to file it
gets you delisting, but even if delisted the 10k must be
filed at some point. Right?
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argee[ Reply to This | # ]
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| Authored by: pogson on Wednesday, February 23 2005 @ 07:35 PM EST |
SCOG wrote:
This press release contains forward looking
statements related to SCO's intention to make a timely request for a hearing
with the Nasdaq Listing Qualifications Panel and file the Form 10-K when its
analysis is complete.
This sounds like the strategy used in SCOG
v IBM: file often, last minute, and poorly. I think NASDAQ will not be nearly as
patient with this strategy as the Judge and Magistrate. With more than a week's
notice, SCOG, as a litigation firm, must not care about NASDAQ, the SEC,
investors, or even making money as a legitimate business. Those orchestrating
SCOG's scheme must already have made enough money or have given enough grief to
FOSS.
It's too bad. This farce will finish with a whimper and no bang. If
SCOG can stay alive long enough to get a decision from the court, they will be
essentially worthless as a defendant. If SCOG dies sooner, they may try to
perpetuate the FUD that they might have won if only they had another few million
dollars. It may take a few more years to get any of these jokers in jail or
penniless. I could be dead by then... ---
http://www.skyweb.ca/~alicia/
, my homepage, an eclectic survey of topics: berries, mushrooms, teaching in N.
Canada, Linux, firearms and hunting... [ Reply to This | # ]
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| Authored by: Anonymous on Wednesday, February 23 2005 @ 07:59 PM EST |
Is there any way to obtain the minutes from any hearing or are they strictly
private and confidential?
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| Authored by: PSaltyDS on Wednesday, February 23 2005 @ 08:04 PM EST |
What happened to the old sleaze-speak about "Owners of Unix" in their "About
SCO" section? Accidental ommision, or reality sinking
in?
:-)
---
"Any technology distinguishable from magic is insuficiently advanced." - Geek's
Corrolary to Clarke's Law
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| Authored by: Anonymous on Wednesday, February 23 2005 @ 10:18 PM EST |
A unix company, running thier investor resource website from a Windows 2000/IIS
5.0 server. IIRC, it was not so a few months ago.
Main page still running linux/apache.
www.netcraft.com [ Reply to This | # ]
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| Authored by: Anonymous on Wednesday, February 23 2005 @ 11:03 PM EST |
I wonder who will be at the hearing for SCO. It seems to me that NASDAQ
wouldn't even listen to SCO unless they brought their accountants along to
testify, since the delay is supposed to be due to an accounting matter.
Of course, if the problem is the accountants have found something nasty, then
having them testify would just make things worse. [ Reply to This | # ]
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| Authored by: jim Reiter on Wednesday, February 23 2005 @ 11:22 PM EST |
Using Mustard's numbers on 11/07/00 the Noorda's had 10,000,000 shares of
Canopy @ $19.27/sh = $192,700,000.
On 11/21/02 the Noorda's 10,000,000 shares of Canopy @ $12.00/sh =
$120,000,000.
In two years the Noordas lost $72,700,000. This money would have gone to
charity.
Does anyone see a reason for not letting Yarro back into Canopy?
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- OT - Authored by: blang on Thursday, February 24 2005 @ 01:33 PM EST
- OT - Authored by: John Hasler on Thursday, February 24 2005 @ 11:12 PM EST
- OT - Authored by: blang on Friday, February 25 2005 @ 02:28 PM EST
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| Authored by: aug24 on Thursday, February 24 2005 @ 06:59 AM EST |
"This request will stay the delisting pending the hearing"
Wow, whodathunkit, SCO is playing for time!
Justin.
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You're only jealous cos the little penguins are talking to me.[ Reply to This | # ]
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| Authored by: Anonymous on Thursday, February 24 2005 @ 08:23 AM EST |
I mean that. We want this case to run to the end. The worst result is if SCO
go belly up before it's resolved, and their 'IP' (sic) is bought by another
Microsoft catspaw. We could get a whole new round of FUD and lawsuits out of
this.
So... though the words stick in my throat... Go Daryl, go, file that sucker.[ Reply to This | # ]
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| Authored by: Anonymous on Friday, February 25 2005 @ 05:15 AM EST |
But when the schaden is so self inflicted, and so well deserved, I can only
point and give the Nelson Munz laugh:
"A-Ha!"
bkd[ Reply to This | # ]
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