SafeNet Receives Anticipated Notice Related to Previously Announced Late Filing of Form 10-K for the Fiscal Year 2006
March 23 2007 - 4:45PM
Business Wire
SafeNet, Inc. (NASDAQ:SFNT) announced today, as expected, that the
Company has received an additional Staff Determination notice from
NASDAQ stating that the Company has failed to timely file its Form
10-K for the fiscal year ended December 31, 2006 and, therefore, is
not in compliance with NASDAQ Marketplace Rule 4310(c)(14). On
March 13, 2007 the Company disclosed that, in connection with the
previously disclosed investigation by the special committee of the
board to investigate the Company�s stock option granting practices
and the audit of the necessary restatements, it would not be able
to file its Form 10-K for the fiscal year ended December 31, 2006.
On February 8, 2007, the Company disclosed that the NASDAQ Listing
and Hearing Review Council (the �Listing Council�) stayed the
decision of the NASDAQ Listing Qualifications Panel to suspend
trading in the Company�s securities, pending a review of the
decision by the Listing Council. As previously announced, the
Company has until March 30, 2007 to submit any additional
information the Company believes is necessary for the Listing
Council to review. Unless the tender offer announced on March 12,
2007 results in an earlier event in which the Company�s securities
are no longer tradable, the Company's common stock will remain
listed on The NASDAQ Global Select Market pending the issuance of a
formal decision by the Listing Council, which the Company believes
would occur some time after March 30th. There can be no assurance
that the Listing Council will determine that the Company should
remain listed on NASDAQ after the completion of its review. About
SafeNet, Inc. SafeNet is a global leader in information security.
Founded more than 20 years ago, the company provides complete
security utilizing its encryption technologies to protect
communications, intellectual property and digital identities, and
offers a full spectrum of products including hardware, software,
and chips. UBS, Nokia, Fujitsu, Hitachi, ARM, Bank of America,
NetGear, the Departments of Defense and Homeland Security, Adobe,
Samsung, Texas Instruments, the U.S. Internal Revenue Service and
scores of other customers entrust their security needs to SafeNet.
For more information, visit www.safenet-inc.com "Safe Harbor"
Statement under the Private Securities Litigation Reform Act of
1995 The statements contained in this release, which are not
historical facts, are forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These statements are subject to
uncertainties that could cause actual results to differ materially
from those set forth in or implied by forward-looking statements.
Important factors that could cause actual results to differ
materially are included but are not limited to those listed in
SafeNet's periodic reports and registration statements filed with
the Securities and Exchange Commission. The Company assumes no
obligation to update information concerning its expectations.
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