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Apple may be delisted from the stock market
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Posting Junkie
Join Date: Oct 2005
Location: Houston, TX
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From BetaNews:
Apple's troubles regarding the issuance of stock option grants and the surrounding fallout came to a head Friday. In a statement issued by the company after the close of the market, Apple disclosed it had requested a hearing with a NASDAQ committee following the receipt of a letter threatening the company with delisting its shares.
NASDAQ's threat came after Apple failed to file on time a Form 10-Q, which is a more detailed version of the company's quarterly earnings, with the Securities and Exchange Commission. The company warned that it would miss the deadline during the day Friday, and amended the filing to include notice of the NASDAQ’s actions later in the afternoon.
<snip>
While the process of delisting notification by the NASDAQ is not all that rare, it is rather uncommon for large corporations like Apple to be the target of such letters. The process allows for the company to request a hearing on the matter, and in the meantime Apple's stock would remain on the market.
At least one tech company, Mercury Interactive, was delisted over a similar spat with the NASDAQ.
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Mac Elite
Join Date: May 2005
Location: West LA
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so does this mean that everyone with Apple stock will go kaput?
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Posting Junkie
Join Date: Oct 2005
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Originally Posted by hickey
so does this mean that everyone with Apple stock will go kaput?
Delisting doesn't mean the shares lose their value, it just means they're no longer traded in a given market (in this case, NASDAQ). You can still trade the shares over-the-counter.
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Dedicated MacNNer
Join Date: Mar 2002
Location: Tucson, AZ
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Ironically, Nasdaq is an OTC market. Just a really computerized one.
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Mac Elite
Join Date: Jun 2006
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That's nothing new, if a company (any company) fails to file a 10-q the market can delist you. Makes sense, since the 10-q shows how your company is doing by not filing you could be trying to hide something.
Recently companies that have failed to file the 10-q did so because they had to restate earnings. I think apple stock is performing well enough that nasdaq doesn't want to lose them, but rules are rules.
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Michael
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Addicted to MacNN
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Folks on CNBC said earlier that this was a possibility but that it was highly unlikely.
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Posting Junkie
Join Date: Mar 2001
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Oppenheimer will not fail. Simple as that.
V
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I could take Sean Connery in a fight... I could definitely take him.
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Addicted to MacNN
Join Date: Mar 2006
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at-least the shares wont be worth squat. my dad has ( i know this is a small amount but still) $50 bucks worth
Alex
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