Escala Group ( ESCL) sank 26% on news it's about to be delisted from the Nasdaq.

The New York-based collectibles company said it appealed but the decision won't be stayed. Escala said Nasdaq made the move because the company has fallen behind on its regulatory filings.

Escala shares lost three-quarters of their value over two days this past spring when Spanish investigators charged big shareholder Afinsa Bienes in what they called a massive fraud scheme. Escala wasn't charged. The company said in June it received a formal order of investigation from the Securities and Exchange Commission. It pledged to cooperate. It later set plans to restate earnings to reclassify its dealings with Afinsa Bienes.

Escala said its common stock is immediately eligible for quotation on the Pink Sheets, an electronic quotation service for securities traded over-the-counter, effective Wednesday.

Shares fell $2.17 to $5.56.

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