Feeds

Mercury nudged off the NASDAQ

The firm hand of compliance

Build a business case: developing custom apps

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."®

The essential guide to IT transformation

More from The Register

next story
Microsoft exits climate denier lobby group
ALEC will have to do without Redmond, it seems
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Barnes & Noble: Swallow a Samsung Nook tablet, please ... pretty please
Novelslab finally on sale with ($199 - $20) price tag
Ballmer leaves Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Kate Bush: Don't make me HAVE CONTACT with your iPHONE
Can't face sea of wobbling fondle implements. What happened to lighters, eh?
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Amazon takes swipe at PayPal, Square with card reader for mobes
Etailer plans to undercut rivals with low transaction fee offer
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
Call of Duty daddy considers launching own movie studio
Activision Blizzard might like quality control of a CoD film
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
7 Elements of Radically Simple OS Migration
Avoid the typical headaches of OS migration during your next project by learning about 7 elements of radically simple OS migration.
BYOD's dark side: Data protection
An endpoint data protection solution that adds value to the user and the organization so it can protect itself from data loss as well as leverage corporate data.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?