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Nasdaq cites Savient for not filing timely quarterly report for period ended Sept. 30
By Ted A. Knutson
Washington, Nov. 18 - Savient Pharmaceuticals, Inc. has received a Nasdaq staff determination letter regarding the company's failure to timely file its 10-Q quarterly report for the period ended Sept. 30, 2005, Savient said in an 8-K filed with the Securities and Exchange Commission.
Savient said this notice was expected.
The Nasdaq Listing Qualifications Panel had previously granted the company an extension to file this quarterly report by no later than Jan. 3.
Savient announced on Aug. 19 that it had received a staff determination letter stating that it was not in compliance with Nasdaq Marketplace Rule 4310(c)(14) because the company did not timely file its 10-Q for the period ended June 30 and that the company's common stock was, therefore, subject to delisting from The Nasdaq Stock Market.
On Oct. 28, Savient announced that the panel agreed to continue the listing provided that the company file its restated financials for the appropriate periods and 10-Q for the period ended June 30, 2005 by no later than Dec. 26. Additionally, the panel granted the company an extension to file its 10-Q for the period ended Sept. 30, 2005 by no later than Jan. 3.
The company said it is preparing restated financial statements for the fiscal years ended Dec. 31, 2002, 2003 and 2004 and the quarter ended March 31, 2005, as well as its quarterly report for the three months ended June 30, 2005. It will then need to allow time for its independent auditors to review the financial statements and periodic reports prior to their filing with the SEC.
Based in East Brunswick, N.J., Savient Pharmaceuticals is a specialty pharmaceutical company.
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