CAMARILLO, Calif. (AFX) - Semiconductor supplier Semtech Corp. on Wednesday said it would not file its first-quarter report by today's extended deadline and expects to fall out of compliance with Nasdaq rules as a result.
The company asked for an extension on June 9, after the Securities and Exchange Commission requested information about the company's stock options program dating back to 1997. The financial report for the fiscal quarter ended April 30 was due by the end of the day.
Semtech said it is also internally reviewing its stock option practices and continues to cooperate with the SEC.
The company expects to receive notification from Nasdaq regulators that it is not compliance with the stock market's filing requirements for listing.
In May, the company posted its unaudited results, including net income of $12 million, or 16 cents per share, and revenue of $65.9 million.
Semtech also said it is dealing with two separate shareholder lawsuits related to stock option practices. The company also received a subpoena from U.S. District Court for the Southern District of New York, asking it to produce documents relating to stock options practices.
Semtech dipped 28 cents to $14.61 in aftermarket activity, after closing a penny lower to $14.89 on the Nasdaq.
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