Martha Stewart Living (MSO) sank 4% Tuesday after the New York media company outlined a disclosure dispute with the New York Stock Exchange.
The NYSE told Martha Stewart Living that the company didn't fully comply with a rule requiring the publication of director independence standards in its annual proxy statement, Martha Stewart Living said Tuesday in a regulatory filing. But the company said publication of its so-called 8-K filing will cure the discrepancy.
"The independence standards in MSO's Guidelines are more stringent than the NYSE requirements," the company said. "MSO does not believe that our previous proxy statement disclosure was materially different from that required by the NYSE Listed Company Manual. However, MSO has determined to make the disclosure specified by the NYSE Listed Company Manual in this current report on Form 8-K."