SafeNet Faces Delisting

The Nasdaq warns it about a failure to make timely filings.
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SafeNet (SFNT) received its second delisting notification from the Nasdaq for failure to file its third-quarter financial report.

The Nasdaq says it notified the company on Tuesday that it was not compliant with its listing standards. SafeNet received its first delisting warning on Aug.14 for failure to file its second-quarter earnings report with the

Securities and Exchange Commission

.

Last month the Belcamp, Md., Internet security system maker said its CEO and its finance chief had resigned after backdated stock-option grants were discovered in an internal review. The executives are expected to remain with the company until the end of the year.

SafeNet shares were down 11 cents to $23.48 in early trading Friday.