Extreme Networks (EXTR) - Get Report received a delisting notice from the Nasdaq, according to the index's daily notification list.

The Nasdaq says it notified Extreme on Sept. 22 that it isn't in compliance with its listing standards.

Extreme, which is among dozens of companies being investigated by federal regulators for backdating stock-option grants, said earlier this month that it would not be able to file its annual report on time.

An Extreme representative did not return a call seeking comment. The company has not acknowledged the delisting warning nor has it said whether it plans to seek a waiver from the Nasdaq. Extreme has seven days from the time of the notification, or until Friday, to respond, Nasdaq says.

Extreme joined gear peers like

F5 Networks

(FFIV) - Get Report

and

Foundry

( FDRY), which have become a part of the widening crackdown on stock-option manipulation.

The Santa Clara, Calif., networking-gear shop said this month that it had formed a special committee to review grant dates and the accounting for employee stock options. The review team has hired an outside attorney to help with the process.

In August, Extreme co-founder Gordon Stitt took the chairman seat, and former

Sun Microsystems

(SUNW) - Get Report

hard-charger Mark Canepa was appointed as the replacement for the CEO title.

Regulators are investigating whether companies and compensation committees manipulated option-grant dates to yield higher stock values for executives and key employees.

Extreme shares were up 3 cents to $3.63 in late trading Wednesday.