Big Board Boots New Century

The Big Board booted New Century (NEW Quote).

Shares of the Irvine, Calif., subprime lender were suspended from trading on the New York Stock Exchange Tuesday. The NYSE says the firm, which has been cut off by its lenders and is under investigation by securities regulators and government prosecutors, will have to move its shares to the Pink Sheets.

New Century shares last traded at $1.66 after having lost more than 80% of their value in just over a week. The breakneck selloff came after New Century said it was in default on its deals with lenders and being investigated for its accounting. The NYSE had suspended trading Monday as it considered whether New Century would keep its listing. ...