17 Aug Merge fails to file quarterly financial report
West Allis, Wis. – Merge Technologies Inc., a provider of medical imaging devices and healthcare information technology under the name Merge Healthcare, said it has received a notice from the staff of the Nasdaq Stock Market warning that the company remains subject to delisting after missing another opportunity to file financial reports.
The company’s failure to timely file its report for the quarter ended June 30 would serve as an additional basis for delisting its common stock from the Nasdaq Stock Market if it does not meet Nasdaq’s Aug. 29, 2006 deadline
The decision to remove Merge shares will be made by the Nasdaq Listing Qualifications Panel, which is considering the recent matter along with past failures to file financial reports, including an annual report in 2005 and a quarterly report for the period ended March 31, 2006.
As previously announced, the company is working to make all necessary filings, including the latest quarterly report, by the Aug. 29 deadline.
Merge shareholders have filed seven class action lawsuits against the company, claiming it issued false statements in its 2005 purchase of Cedara Software for $325 million. The suit sparked an investigation that led to the discovery of material errors in its financial statements, followed by the resignations of three executives, including the company founder.
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