Feeds

Spansion gets Nasdaq delisting notice

Flash giant spiral continues

High performance access to file storage

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. ®

High performance access to file storage

More from The Register

next story
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
It may be ILLEGAL to run Heartbleed health checks – IT lawyer
Do the right thing, earn up to 10 years in clink
France bans managers from contacting workers outside business hours
«Email? Mais non ... il est plus tard que six heures du soir!»
Adrian Mole author Sue Townsend dies at 68
RIP Blighty's best-selling author of the 1980s
prev story

Whitepapers

Mainstay ROI - Does application security pay?
In this whitepaper learn how you and your enterprise might benefit from better software security.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.