NASDAQ DELISTS IMPAX LABORATORIES
The Nasdaq stock exchange recently delisted Impax Laboratories after the firm failed to file two key financial reports required for listing.
Nasdaq staff warned the Hayward, Calif.-based company in April of the potential delisting after it failed to file the annual 10-K form for 2004 and its first quarter 10-Q form for 2005. Impax can relist its stock as long as it files the reports within 90 days and meets other listing requirements.
Impax's stock has moved to the Pink Sheets, an alternative exchange for public companies that don't list on large stock exchanges such as Nasdaq, and its trading symbol will revert to IPXL from IPXLE.
Impax failed to file its 10-K for the fiscal year ending Dec. 31, 2004, and its 10-Q for the fiscal quarter ending March 31, 2005, violating Nasdaq Marketplace Rule 4310(c)(14), according to the firm. Impax had also failed to file its second quarter 10-Q for the quarter ending June 30, 2005.
The company said it needs more time to complete its 2004 annual report, citing extra work stemming from fourth quarter 2004 financial restatements. Impax also said it needs to complete internal controls evaluations and corrections to comply with Section 404 of the corporate governance Sarbanes-Oxley Act, necessary for the first time with this year's 2004 Form 10-K filing. Impax can't complete its 10-Q reports until it completes its 10-K.
The generic firm has requested advice from the Office of the Chief Accountant of the SEC in hopes that it will help the company complete its financial statements and file its Form 10-K and Form 10-Q reports.