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NASDAQ slaps THQ with notice |
Listed in: Wii, Nintendo DS, Xbox 360 Tags: Activision, Luigi, NASDAQ, New York, THQ
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Uh-oh. It looks like game publisher THQ is in the same deep water as Activision. A few days ago, we reported that Activision's stocks might get delisted from the NASDAQ exchange after the company failed to file its quarterly earnings statement. Now, it seems that THQ is going down the same dirty road.Yesterday, a New York law firm announced that they are filing a class-action lawsuit against THQ. Why? The law firm is accusing that some board members and executives of the game publishing giant has improperly backdated their stock options. This caused THQ to investigate their stock option grants. That investigation has gotta be a tedious process as THQ also failed to file their second quarter financial results.
NASDAQ can't let that pass and they have served a written warning to THQ. But THQ isn't taking things sitting down as they are seeking a hearing before the NASDAQ Listing Qualification Panel that would allow 'em to remain listed for some time.
But then again, receiving NASDAQ warning letters isn't uncommon in the hussle-buzzle stock market world. What is sad in this scenario is that the company is affected not by the games under their belt but by executives in snazzy suits who couldn't differentiate Mario from Luigi. Harsh as that may sound, that's life for you. THQ games include Avatar: The Last Airbender, Cars, Juiced and WWE Smackdown vs. Raw 2007 among many others.
Thanks for the tip, Badam!
Via Gamespot
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