Ceradyne, Inc. Receives Nasdaq Notification Regarding Stock Listing; Company Has Requested Nasdaq Hearing
August 21 2006 - 3:46PM
Business Wire
Ceradyne, Inc. (Nasdaq:CRDN) announced that the Company has
requested a hearing before the Nasdaq Listing Qualifications Panel
in response to the receipt of a Nasdaq Staff Determination letter
on August 17, 2006, indicating that the Company is not in
compliance with the filing requirements for continued listing as
set forth in Marketplace Rule 4310(c)(14). As anticipated, the
letter was issued in accordance with Nasdaq procedures due to the
delayed filing of the Company's Form 10-Q for the quarter ended
June 30, 2006. Pending a decision by the Panel, Ceradyne's common
stock will remain listed on The Nasdaq Stock Market. As previously
announced on August 4, 2006, a special committee of independent
directors was formed to conduct an internal investigation of
Ceradyne's historical stock option grants and related accounting
treatment. The special committee is being assisted by independent
legal counsel and forensic accountants. The special committee's
investigation is ongoing and, accordingly, the Company was unable
to file its Form 10-Q for the quarter ended June 30, 2006, by the
required filing deadline. The Company is focused on resolving these
issues as quickly as possible and plans to file its Form 10-Q
following completion of the independent investigation by the
special committee. Ceradyne develops, manufactures and markets
advanced technical ceramic products and components for defense,
industrial, automotive/diesel, and commercial applications.
Additional information about the Company can be found at
www.ceradyne.com. Except for the historical information contained
herein, this press release contains forward-looking statements
regarding future events and the future performance of Ceradyne that
involve risks and uncertainties that could cause actual results to
differ materially from those projected. Words such as
"anticipates," "believes," "plans," "expects," "intends," "future,"
and similar expressions are intended to identify forward-looking
statements. These risks include uncertainties arising out of the
Company's ongoing review of its stock option grants and
developments in regulatory and legal guidance regarding stock
option grants and accounting for such grants. For example,
information may be learned and analysis may be undertaken
concerning the Company's historic stock option grants and
accounting that may materially impact the Company's financial
statements or results. Additional risks and uncertainties are
described in the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2005, and its Quarterly Reports on
Form 10-Q, as filed with the U.S. Securities and Exchange
Commission. Readers are cautioned not to place undue reliance on
the forward-looking statements, which speak only as of the date
hereof. The Company undertakes no obligation to update these
forward-looking statements to reflect subsequent events or
circumstances.
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