Summary
Interactive Brokers Group, Inc. (IBKR) has received a notification from NASDAQ indicating non-compliance with Listing Rule 5250(c)(1). This is due to the company's Quarterly Report on Form 10-Q for the period ended March 31, 2012, not having completed the required review under SAS 100 and missing Sarbanes-Oxley Act certifications. The issue stems from an unresolved accounting presentation question concerning equity in the consolidated financial statements, which the company is seeking guidance on from the SEC. IBKR has been given until July 16, 2012, to submit a plan to regain compliance. If NASDAQ accepts the plan, the company may have until November 12, 2012, to file the amended 10-Q. Investors should monitor the company's progress in resolving this accounting matter with the SEC and subsequent filing of the reviewed financial statements and certifications.
Key Highlights
- 1NASDAQ has notified Interactive Brokers Group (IBKR) of non-compliance with Listing Rule 5250(c)(1).
- 2The non-compliance is related to the March 31, 2012, Form 10-Q not having completed SAS 100 review and missing SOX certifications.
- 3The delay is due to an unresolved accounting question regarding the presentation of equity in consolidated financial statements.
- 4IBKR is seeking SEC staff interpretation on the accounting presentation issue.
- 5The company must submit a plan to regain compliance to NASDAQ by July 16, 2012.
- 6A potential cure period extends to November 12, 2012, if NASDAQ accepts the compliance plan.