AspenTech’s woes continue. Following earlier warnings, a ‘Wells Notice’ in 2006 from the SEC (OITJ June 06) and a ‘Staff Determination’ from Nasdaq last year (OITJ Feb 07) the Nasdaq Listing Qualifications Panel has decided to delist AspenTech from the Nasdaq. Weaknesses in internal controls of software license revenue recognition were at the root of the problem.
AspenTech CEO Mark Fusco said, ‘We are disappointed that the time it has taken for the review we initiated in connection with the restatement of our financial statements has resulted in the delisting of our common stock.’
Meanwhile AspenTech’s stock will be quoted on the ‘Pink Sheet’ electronic quotation service pending a possible appeal. Fusco added, ‘AspenTech remains a financially strong company as evidenced by our cash and cash equivalents of $131 million as of December 2007 and we are committed to regaining compliance with our filing requirements and applying to list our common stock on a national exchange as soon as possible.’
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