Monday, August 25, 2014

Ixia Gets Delisting Warning

Calabasas-based network testing equipment maker Ixia reported late Friday that it has received another warning from the NASDAQ Stock Market, notifying the company that it does not comply with Nasdaq Listings Rules. The firm--which was expecting the warning--has been working through late filing of its quarterly report. The company said the Nasdaq warning says its delay in filing its 2014 Second Quarter Form 10-Q is an additoinal basis for potential deslisting of the company's common stock. Ixia says that the Nasdaq has until September 12, 2014 to become current in its filing with the filings or it may be delisted. All of Ixia's troubles stem from the surprise departure of former CEO Vic Alston back in October of last year, when it was found that he had fabricated his resume. A subsequent audit of the company resulted in the departure of the company's CFO in March.

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