Ixia announced on Tuesday that it has received a letter from the Nasdaq informing the company that unless it requests a hearing before a special panel, its stock will be delisted due to not meeting exchange filing requirements. The Calabasas maker of computer networking software said it plans to request the hearing, and the request will automatically have any delisting postponed until May 24. At the hearing, the company will present an updated plan to regain compliance with the Nasdaq rule that companies must file timely reports of their quarterly financial performance. Ixia failed to file quarterly reports last fall after Chief Executive Vic Alston resigned because of false information on his resume. The unexpected leadership turnover caused the company to miss its filing deadline. The resignation prompted a review by the audit committee, which found accounting errors at the company and has announced it will issue restated financials for two quarters in 2013. The most recent letter from Nasdaq was expected, the company said. At the hearing, it plans to ask for an extension to finish preparing previous quarterly reports. However, according to Nasdaq rules, no extension may go beyond Nov. 13. “The company has made substantial progress in these matters and plans to file the reports and the amendments to its previously filed quarterly reports as soon as practicable,” the company stated in its announcement. Shares closed Tuesday down 18 cents, or 1.5 percent, to $12.26 on the Nasdaq.
