Boston Communications (BCGI) has received a delisting notification from the Nasdaq for its failure to file its financial reports on time.
The Nasdaq says it notified the telecom billing shop Thursday that because it didn't file its third quarter financial report with the
Securities and Exchange Commission
it was in violation of listing guidelines.
Boston Communications has seen a rash of executive departures in recent weeks after the company discovered irregularities with its stock option dates. The company said last month that it would have to restate its financial reports.
CEO Ed Snowden and CFO Karen Walker were the first to step down, along with company lawyer Alan Bouffard, who was "accelerating his retirement," after the company said it was reviewing its books. Earlier this month Fritz von Mering, the company's operating chief, said he will no longer serve his role, but vowed to stay on to assist his replacement.
This is the second delisting notice Boston Communications has received. The first came on Aug. 17.