Summary
This 8-K filing from Interactive Brokers Group (IBKR) on August 17, 2012, primarily addresses a notice from NASDAQ regarding non-compliance with listing rules due to a delayed filing of the Form 10-Q for the quarter ended June 30, 2012. The company is also facing a similar delisting concern for its March 31, 2012, filing. IBKR has submitted a plan to NASDAQ, seeking an extension until September 27, 2012, to regain compliance, which has been accepted by the exchange. Furthermore, the filing clarifies a change in accounting treatment for noncontrolling interests in IBG LLC. Previously uncertain, the company has determined these interests should be treated as temporary equity for periods before June 6, 2012, and as permanent equity thereafter. This accounting adjustment will necessitate the restatement of certain prior financial periods, which will be filed concurrently with the delinquent June 30, 2012, Form 10-Q.
Key Highlights
- 1NASDAQ notification of non-compliance with listing rules due to late filing of the June 30, 2012 Form 10-Q.
- 2Company has submitted a remediation plan to NASDAQ to regain compliance, with an extension request until September 27, 2012.
- 3NASDAQ has accepted the company's plan and extension request for the delinquent March 31, 2012, Form 10-Q.
- 4Interactive Brokers will restate prior period financial statements to reflect a change in accounting for noncontrolling interests.
- 5Noncontrolling interests will be classified as temporary equity for periods before June 6, 2012, and permanent equity thereafter.
- 6The June 30, 2012, Form 10-Q will be filed concurrently with the restated financial statements.