74.9 F
San Fernando
Saturday, Feb 4, 2023

MRV Communications Suspended from NASDAQ

Failure to file required financial statements has led MRV Communications Inc. to have its shares no longer traded on the NASDAQ Stock Market. Chatsworth-based MRV will have its stock available on the Pink OTC Markets under the symbol “MRVC.” Trading was suspended because MRV failed to comply with NASDAQ rules regarding timely filing of quarterly and annual reports and proxy statements, and the holding of an annual stockholders meeting. The company said this was due to a pending restatement of its past financial statements. In June 2008 the MRV announced its historical financial statements could not be relied upon. A special committee of MRV’s board of directors conducted an investigation into the company’s historical stock option granting practices and related accounting, as well as its accounting for earn-outs and profit sharing for certain European subsidiaries. But, to date it has not been able to timely file its periodic reports or proxy statement with the SEC, or hold an annual stockholders meeting. NASDAQ provided MRV with an extension to become current, but the company did not meet the June 15, 2009 deadline. Eric Billingsley

Featured Articles

Related Articles