Feeds

Spansion gets Nasdaq delisting notice

Flash giant spiral continues

Internet Security Threat Report 2014

Floundering flash mem giant Spansion has received a delisting notice from the Nasdaq stock exchange. The Sunnyvale, California-based company says the notice arrived in part because of its recent Chapter 11 bankruptcy filing.

A joint venture of AMD and Fujitsu, Spansion is the world's third-largest flash maker. But its NOR flash chips - intended for cell phones and cars - are significantly less popular than the NAND flash chips manufactured by Samsung and Toshiba.

In mid-January, the company told the world it was working to restructure its balance sheet - and perhaps sell itself - amid a sinking worldwide economy. And little more than a month later, it suddenly axed over 3,000 workers, or 35 per cent of its workforce. Two separate groups of workers have since sued the company, alleging violations of the WARN Act, a US law that requires employers to provide 60-days notice before making "mass layoffs."

Workers laid off here in the US did not receive severance pay, and many have also complained that those retained by the company received pay raises amidst the layoffs. In response, former CEO Bertrand Cambou tried to return the $403,000 in severance he received after leaving the company in early February. And the company has said it will try to get jettisoned employees an extra 60-days pay through bankruptcy court.

The company also says it will fight the Nasdaq delisting. It has a requested a hearing with the exchange, and its stock will still be traded while the hearing is pending. ®

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 ...
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
4chan outraged by Emma Watson nudie photo leak SCAM
In the immortal words of Shaggy, it wasn't me us ... amirite?
prev story

Whitepapers

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.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
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?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.