BEA wins Nasdaq reprieve
Nothing to declare
BEA Systems has cheated the hangman after Nasdaq officials ruled the company's shares could continue to be traded on the market.
The Java middleware company has failed to file full financial results since last summer, covering the quarters ended July 31 and October 31 2006.
As a result, BEA received two letters warning it shares faced delisting but the company - as is its right - appealed. The date for the drop was January 8, but BEA now has been given until February 28 to get its finances, and more improtantly books, in order.
BEA has delayed filing as internal investigators examine allocation of company stock options, and the impact this could have on quarterly results.
BEA is one of many Silicon Valley companies revisiting options following pressure on the industry from the FBI and financial regulators.®