16 Small-Cap Stocks in Danger of Delisting
Company Profile: ShengdaTech is a Chinese manufacturer of specialty additives.Current Share Price: $3.55 (March 29) Listing Violation: Delinquency. ShengdaTech failed to file its annual 10-K report with the SEC in a timely manner. Received Nasdaq Notice: March 21 Management's Expected Action: The Nasdaq has requested that ShengdaTech submit a plan to regain compliance by March 31. The Nasdaq can grant up to 180 calendar days to regain compliance if it accepts ShengdaTech's plan. The company said it currently intends to submit a plan to regain compliance with the Nasdaq listing rules. However, the company faces bigger problems as a special committee is currently conducting an internal investigation into potentially serious discrepancies and unexplained issues relating financial records identified by ShengdaTech's auditors, which caused the delay in filing its annual report. Several law firms have already announced class-action lawsuits against the company, arguing that ShengdaTech's financial statements were materially false and misleading. -- Written by Robert Holmes in Boston. >>To see these stocks in action, visit the 16 Small-Cap Stocks in Danger of Delisting portfolio on Stockpickr.
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