20F and Independent auditing

[Mountainbiker]

NYSE and NASDAQ Listing Requirements

Companies listed on the NYSE or NASDAQ face possible delisting if they become delinquent in their SEC filings.

NYSE. Applicable NYSE rules require companies to file annual reports on Form 10-K or Form 20-F with the SEC in a timely manner or face possible delisting. Under the NYSE’s procedures for companies that fail to file timely their annual reports, the NYSE will notify a late filer of its delinquent status, and within five days of receiving the notice, the company must contact the NYSE to discuss the status of the annual report filing and issue a press release disclosing the status of the filing. If the company does not issue a press release, the NYSE itself will do so. The NYSE will also attach an ".LF" indicator to the company’s ticker symbol.

During the six-month period after the missed filing due date, the NYSE will monitor the company and the status of the filing, including through contact with the company, until the annual report is filed. If the company fails to file the annual report within six months after the filing due date, the NYSE may, in its sole discretion, allow the company’s securities to be traded for up to an additional six-month period depending on the company’s specific circumstances. If the NYSE determines that an additional trading period of up to six months is not appropriate, it will commence suspension and delisting procedures.

In determining whether an additional trading period of up to six months is appropriate, the NYSE will consider the likelihood that the overdue filing can be made during the additional period, as well as the company’s general financial status, based on information from a variety of sources, including the company, its audit committee, its outside auditors, the staff of the SEC and any other relevant regulatory body. The NYSE strongly encourages companies to provide ongoing disclosure to the market on the status of the annual report filing through press releases, and will also take the frequency and detail of such information into account in determining whether an additional six-month trading period is appropriate.

NYSE rules also provide that the failure of a company to make timely, adequate and accurate disclosures of information, including failure to file timely quarterly reports on Form 10-Q, may also result in similar delisting procedures. Note also that trading in any security can be suspended immediately, and application can be made to the SEC to delist the security, if the NYSE deems it necessary or appropriate in the public interest or for the protection of investors.

NASDAQ. Under applicable NASDAQ rules, listed companies

What happens if the 20F is not filed by May 15th?   I hope this is not going to happen, but want to be prepared if it does...

[Mountainbiker]

From the article, the company can continue to trade but will get a notice from NYSE and the company has to respond with reasons for the delay. So no imminent halt or delisting unitl the 6 months pass.

[RacerX]

Thanks, that helps.  Hopefully we won't have the opportunity to learn about all the eventualities first-hand.

[tradestar2012]

PWC could still sign off on the 20-f and then file an amendment at a later point in time if they feel its warranted.

[Mountainbiker]

I think NQ will only be halted if the PWC resigns but that should have happened months ago and not now. If the shorts are so confident that NQ is a fraud, why do they keep bashing it with negative articles day in and day out including today's "Investigative Article"....low blow

[Spacchiusu]

We say low blow but they are capable of moving the market, and for some reason we are not as bulls and long the stock, it's mind boggling. As much as I despise them all, they have been very capable in destroying the stock, so of course they will continue..

[cliu89]

Can someone shed some light on this FOIA letter? Is this new information just surfaced?
This is from the latest bash from the short.

thanks.


http://www.mediafire.com/view/9j4rxjdc5v...NQFOIA.pdf

[Mountainbiker]

Can someone shed some light on this FOIA letter? Is this new information just surfaced? This is from the latest bash from the short. thanks. http://www.mediafire.com/view/9j4rxjdc5v...NQFOIA.pdf

No, the guy asked for information if SEC is investigating NQ , and the SEC would not say yes or no so no new info from the bastar who wrote the article. He must have purchased many May $6 puts and will be losing every penny of it hence the trash on SA.

[Bondguy8]

Can someone shed some light on this FOIA letter? Is this new information just surfaced? This is from the latest bash from the short. thanks. http://www.mediafire.com/view/9j4rxjdc5v...NQFOIA.pdf

No, the guy asked for information if SEC is investigating NQ , and the SEC would not say yes or no so no new info from the bastar who wrote the article. He must have purchased many May $6 puts and will be losing every penny of it hence the trash on SA.

There is no current public SEC investigation.  Do you think a pump and dump on SA would be the first to give that information to the marke? For all those that have written an article on SA, there is a lag as SA editors screen and review what is written.  Carson was quoted in a bloomberg article yesterday after the close.  He made no mention of the SEC publicity investigating.  This is clearly a short scare tactic to move the share price intra day.   Bloomberg is Carson's way of dissemination, they would be all over an SEC investigation.

NQ has until 530 pm EST on the 15th to submit their 20F.  Until then all rumors are just rumors.  No body has any edge here.  Even Carson thinks that they file by the deadline.

[js253]

We say low blow but they are capable of moving the market, and for some reason we are not as bulls and long the stock, it's mind boggling. As much as I despise them all, they have been very capable in destroying the stock, so of course they will continue..

Meanwhile, NQ just standsby and does nothing, waiting till the absolute last second... A blogpost a week into the extension, saying something like "everything is progressing well and we are on track to file 20F by 5/15" would do a lot to alleviate shareholders' anxiety and preempt any fear mongering BS short sellers might employ. But, that would just be too logical.