LOS ALTOS, Calif. (AFX) - Rambus Inc., which licenses computer chips technology, said Wednesday it will request a hearing before a Nasdaq panel to remain listed on the exchange.
Rambus could be delisted after receiving notice from the exchange that it is not complying with Nasdaq rules because of a missed deadlines to file its quarterly 10-Q financial report. The company's board is conducting an independent investigation of the stock-option practices and related accounting, which has delayed the filing.
Pending a decision from the Nasdaq panel, Rambus will continue to be listed on the exchange.
Nearly 100 companies are under self-imposed or federal scrutiny for their stock-option practices. They are looking for 'backdating,' a practice in which stock options are issued retroactively to coincide with share price lows to boost profits when the shares are sold. While the practice is not illegal, it must be properly accounted for.
Rambus shares closed up 29 cents, or 2.6 percent, at $11.68 on the Nasdaq.
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