Foundry Gets Delist Reprieve

The company, in a filing, says Nasdaq has stayed the decision to suspend its shares from trading.
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Days before its stock was set to be delisted,

Foundry Networks

(FDRY)

has won a rare reprieve from

Nasdaq's

board of directors.

The company announced in an

SEC

filing late Thursday that Nasdaq's board has stayed the decision to suspend its shares from trading on the exchange while it reviews the case.

Intervention by the Nasdaq board is extremely rare and comes

as the exchange grapples with a slew of companies facing deadlines to file missing financial reports.

Foundry is among the many companies that have become delinquent in their periodic filings as they attempt to restate previous financials to account for stock option backdating.

Foundry, which has not filed earnings reports for the past four quarters, had until June 8 to get up to date. Its stock was slated to be ejected from the Nasdaq on June 12 if it didn't meet the deadline.

Foundry, which makes data networking products, said it expects to file its missing reports shortly.

Shares of Foundry slipped 2.9%, or 47 cents, to $16.67 in extended trading.