said late Wednesday it will delay filing its first-quarter report due to an informal inquiry of its stock option practices by the
Securities and Exchange Commission
The Camarillo, Calif.-based chip company last week had asked that the due date be extended to June 14.
Semtech expects to receive a notification from
that it is not in compliance with the filing requirements for continued listing on the exchange and that its common stock may be subject to delisting from the Nasdaq National Market.
The company said it continues to cooperate fully with the SEC inquiry and will file its first-quarter report as soon as practicable after completion of its internal review.
Semtech also said that two separate stockholder derivative lawsuits have been filed against it related to stock option practices. Additionally, on June 13, the company received a grand jury subpoena from the U.S. District Court, Southern District of New York, with respect to the production of documents relating to its stock option practices.
Shares were down 39 cents, or 2.6%, at $14.40 in recent trading Thursday.
This story was created through a joint venture between TheStreet.com and IRIS.