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ComScore (SCOR) Slumps 28% After Update on Nasdaq Listing
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ComScore’s (SCOR - Free Report) shares have dropped 28% to $23.33 per share since the market’s opening on Monday.
ComScore, a global leader in measuring the digital world, warned that they won’t meet the Nasdaq-imposed deadline for filing its earnings reports and now faces the potential to be delisted from the exchange.
The company had successfully appealed its first warning of delisting by the Nasdaq back in September and an extension was granted. The new date, Feb. 23, 2017, was the maximum extension that the Nasdaq allowed under its bylaws; however, ComScore had updated that it is unlikely to meet the new deadline.
“The delay primarily relates to the magnitude of work that the Company needs to perform in order to review the Company's accounting judgments and estimates for transactions that occurred during 2013-2016,” said comScore in a release. “The company is targeting the summer of 2017 to complete the restatement and become current in filling all of its required SEC periodic reports, although there can be no assurance that the process will be completed by that time.”
ComScore stated that the company has made significant progress towards completing the restatement process. "Although we are disappointed that we will not meet Nasdaq's deadline, we have made significant progress towards the restatement and in strengthening our internal audit and compliance functions,” said Gian Fulgoni, co-founder and CEO. “Furthermore, our business fundamentals continue to be strong, underscored by our healthy balance sheet with $116 million in cash."
ComScore’s stock could potentially be delisted from the Nasdaq and trade on the OTC market instead, if they are unable to meet the deadline in completing the restatement. If a suspension is made, the company intends to file an appeal with the Nasdaq Listing and Hearing Review Council for additional time to complete the restatement process while remaining listed.
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ComScore (SCOR) Slumps 28% After Update on Nasdaq Listing
ComScore’s (SCOR - Free Report) shares have dropped 28% to $23.33 per share since the market’s opening on Monday.
ComScore, a global leader in measuring the digital world, warned that they won’t meet the Nasdaq-imposed deadline for filing its earnings reports and now faces the potential to be delisted from the exchange.
The company had successfully appealed its first warning of delisting by the Nasdaq back in September and an extension was granted. The new date, Feb. 23, 2017, was the maximum extension that the Nasdaq allowed under its bylaws; however, ComScore had updated that it is unlikely to meet the new deadline.
“The delay primarily relates to the magnitude of work that the Company needs to perform in order to review the Company's accounting judgments and estimates for transactions that occurred during 2013-2016,” said comScore in a release. “The company is targeting the summer of 2017 to complete the restatement and become current in filling all of its required SEC periodic reports, although there can be no assurance that the process will be completed by that time.”
ComScore stated that the company has made significant progress towards completing the restatement process. "Although we are disappointed that we will not meet Nasdaq's deadline, we have made significant progress towards the restatement and in strengthening our internal audit and compliance functions,” said Gian Fulgoni, co-founder and CEO. “Furthermore, our business fundamentals continue to be strong, underscored by our healthy balance sheet with $116 million in cash."
ComScore’s stock could potentially be delisted from the Nasdaq and trade on the OTC market instead, if they are unable to meet the deadline in completing the restatement. If a suspension is made, the company intends to file an appeal with the Nasdaq Listing and Hearing Review Council for additional time to complete the restatement process while remaining listed.
Now See Our Private Investment Ideas
While the above ideas are being shared with the public, other trades are hidden from everyone but selected members. Would you like to peek behind the curtain and view them? Starting today, for the next month, you can follow all Zacks' private buys and sells in real time from value to momentum . . . from stocks under $10 to ETF and option moves . . . from insider trades to companies that are about to report positive earnings surprises (we've called them with 80%+ accuracy). You can even look inside portfolios so exclusive that they are normally closed to new investors. Click here for Zacks' secret trades >>