Maxim Integrated Products
has received moretime to file its delinquent quarterly reports, sparing the chipmaker from getting its stock delisted for the time being.
In a filing with the
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Securities and Exchange Commission
on Friday, Maxim said a special
appeals council has stayed any action to delist the company's stock pending further review by the council.
The decision, which Maxim said was reached on March 1, comes a few weeks before the company faced a key deadline: Nasdaq had previously given Maxim untilMarch 26 to bring its delinquent filings up to date.
Maxim is among numerous companies that have missed filing quarterly reports on time because of internal investigations into backdating of stock options. UnderNasdaq regulations, any delay in filing a quarterly or annual report automatically triggers a delisting notice.
In February, Maxim announced that it would restate financial results from 2000 to 2005 as a result of material discrepancies in the measurement dates and grant dates of past stock option grants to employees and directors. The company said CFO Carl Jasper had resigned in connection with the backdating investigation.
Former CEO John Gifford, who retired due to health reasons in December 2006, also resigned as a strategic adviser to the company.
Maxim said Friday that it is working on restatements of past financial statements but that it is unable to predict the amount of the restatements or when they'll be completed.
Maxim also said Friday that it would not be able to file its report on time for the quarter currently under way.
Maxim has until May 4 to submit additionalinformation to the Nasdaq council to consider in its case.
Shares of Maxim were recently up 1.8%, or 59 cents, to $33.14 in trading Friday.