TAUNTON – Kopin Corp. (Nasdaq: KOPN) has been granted an extension by the Nasdaq Stock Market LLC board of directors, which gave the manufacturer until Dec. 17 to comply with the market’s filing requirements or risk de-listing.
“In making this determination, the board considered the actions of the company to identify and address the underlying problems that caused its failure to file, including its reliance on outside advisors, and its progress towards regaining compliance,” Joan C. Conley, Nasdaq senior vice president and corporate secretary, wrote in a letter to Kopin.
“The board also considered the extraordinary circumstances faced by numerous public companies that have been required to restate historical financial statements due to accounting issues, including the delays associated with conducting independent investigations, seeking guidance from the SEC and obtaining review by outside auditors.”
If the company has not regained compliance by Dec. 10, the Nasdaq board will ask its staff to make a recommendation on whether Kopin’s common stock should be de-listed.
Kopin previously had announced it was delaying its filings of periodic financial reports while it completed an internal probe of past stock-option practices and possible restatement of past reports. In May, a Special Investigative Committee had recommended, and the Kopin board of directors had agreed, that the company’s financial statements from 1995 through 2006 should be restated. (READ MORE)
As a result, the company has not filed its quarterly and annual financial reports for the third quarter of 2006 and later periods.
Kopin Corp. (Nasdaq: KOPN) develops and manufactures telecommunications and digital imaging technologies under the Kopin, CyberDisplay and NanoSemiconductor Co. trademarks. Additional information is available at www.kopin.com.
