Interactive Brokers Group, Inc. (NASDAQ GS: IBKR) an automated global electronic broker and market maker, announced that on May 17, 2012 it received a letter from the NASDAQ staff notifying the Company that it is non-compliant with NASDAQ Listing Rule 5250(c)(1) because its Quarterly Report on Form 10-Q for the period ended March 31, 2012 (“Form 10-Q”), filed with the Securities and Exchange Commission (“SEC”) on May 15, 2012, has not yet been reviewed in accordance with Statement on Auditing Standards No. 100 (“SAS 100”), as required by Rule 10-01 of Regulation S-X. The NASDAQ letter also stated that the filing is incomplete because of the absence of the certifications required under Sections 302 and 906 of the Sarbanes-Oxley Act of 2002.
NASDAQ Listing Rule 5250(c)(1) requires the Company to timely file all required periodic financial reports with the SEC. The Company is required to submit a plan to regain compliance to NASDAQ by July 16, 2012. If NASDAQ accepts the Company’s plan, an additional cure period of up to 180 calendar days from the filing’s due date, or until November 12, 2012, can be provided to allow the Company to regain compliance.
The Company is making this disclosure in compliance with NASDAQ Listing Rule 5810(b).
As reported in the Company’s Form 8-K, filed on May 15, 2012, the Company’s Form 10-Q filing was incomplete due to an unresolved question raised by its independent registered public accounting firm regarding the presentation of equity in its consolidated financial statements. The Company intends to promptly seek an interpretation from the staff of the SEC regarding this question. Once the Company receives guidance from the SEC, it expects to produce a final version of its consolidated financial statements for the period ended March 31, 2012, which will enable its auditors to complete their review under SAS 100. At such time, the Company will file an amended Form 10-Q containing the certifications required under Sections 302 and 906 of the Sarbanes-Oxley Act of 2002.
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