Summary
Cadence Design Systems, Inc. (CDNS) filed an 8-K on November 24, 2008, to disclose receipt of a non-compliance notice from The NASDAQ Stock Market (Nasdaq). The company is not in compliance with listing rules due to its failure to file its Quarterly Report on Form 10-Q for the quarter ended September 27, 2008, in a timely manner. This delay is attributed to an ongoing investigation by the company's Audit Committee and its independent counsel. Cadence has been formally notified by Nasdaq and is required to regain compliance. The company has until January 19, 2009, to submit a plan to Nasdaq outlining how it intends to rectify the situation and return to compliance with listing requirements. Cadence stated it will file the overdue Form 10-Q as soon as practicable.
Key Highlights
- 1Cadence Design Systems received a notice from Nasdaq indicating non-compliance with listing requirements due to a delayed Form 10-Q filing.
- 2The delayed filing is linked to an ongoing internal investigation by Cadence's Audit Committee and independent counsel.
- 3Cadence has until January 19, 2009, to submit a plan to regain compliance with Nasdaq listing rules.
- 4The company has not yet filed its Quarterly Report on Form 10-Q for the quarter ended September 27, 2008.
- 5Cadence is committed to filing the Form 10-Q as soon as possible.