Feeds

Mercury nudged off the NASDAQ

The firm hand of compliance

Providing a secure and efficient Helpdesk

Mercury Interactive is being de-listed from the Nasdaq after missing a second deadline for restating its financials in the wake of a company share-trading scandal.

Shares in the business technology optimization (BTO) specialist will be removed from Nasdaq at the opening of business on Wednesday morning, Mercury announced on Tuesday.

De-listing follows the resignation of the company's chief executive, chief financial officer and general counsel in November following an investigation initiated by the US Securities & Exchange Commission (SEC) found improper allocations of Mercury stock to employees over a 10-year period.

Mercury faced de-listing on November 30 after its third-quarter results were delayed so management could determine the impact of misdated stock allocations on financial statements spanning 1998, 1999 and 2001. The Nasdaq, however, granted Mercury an extension until January 3 to file its amended returns and meet its requirements for trading.

Shares in the company - which specializes in software that helps publicly traded companies achieve compliance with government regulation, such as Sarbanes Oxley - will now move to the Pink Sheets. The Pink Sheets is a service specializing in quotes for small, emerging, closely held, non-US and "economically distressed" companies.

De-listing is a further blow to Mercury's prestige. In 2004, the company stated its goal was to become one of the world's top-five software companies within five years - joining the ranks of Microsoft, Oracle and SAP - and predicted that success in 2005 would play a major part in achieving this objective.

One large Mercury partner told The Register he was "disappointed" in Mercury over the share incident. There is speculation that a weakened position could leave Mercury open to a low-ball acquisition in what is generally accepted to be a profitable market of software optimization and regulatory compliance.

Mercury has not set a date for when it expects its financials to be in order or when it will apply for re-admittance to Nasdaq. In a statement, Mercury said it is: "Committed to regaining compliance with all Nasdaq filing requirements and obtaining relisting of its common stock on Nasdaq in a timely manner."®

Beginner's guide to SSL certificates

More from The Register

next story
Scrapping the Human Rights Act: What about privacy and freedom of expression?
Justice minister's attack to destroy ability to challenge state
WHY did Sunday Mirror stoop to slurping selfies for smut sting?
Tabloid splashes, MP resigns - but there's a BIG copyright issue here
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
EU to accuse Ireland of giving Apple an overly peachy tax deal – report
Probe expected to say single-digit rate was unlawful
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
Hey Brit taxpayers. You just spent £4m on Central London ‘innovation playground’
Catapult me a Mojito, I feel an Digital Innovation coming on
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
EU probes Google’s Android omerta again: Talk now, or else
Spill those Android secrets, or we’ll fine you
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
The next step in data security
With recent increased privacy concerns and computers becoming more powerful, the chance of hackers being able to crack smaller-sized RSA keys increases.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.