11 Sep NASDAQ will continue to list Merge
West Allis, Wis. – Having filed its postponed annual and quarterly earnings reports, Merge Healthcare will continue to list its common stock on The Nasdaq Stock Market.
The company received a written notification from NASDAQ staff on Friday, stating that the stock market’s Listing Qualifications Panel has determined to continue the listing of the stock.
Merge, a medical imaging and information management software provider, has been working to catch up with missed filing deadlines against a backdrop of a five-month internal investigation into its revenues that uncovered improper financial reporting dating back to 2002.
With the filing of its annual report on form 10-K for the year ended December 31, 2005 and quarterly reports on form 10-Q for the quarters ended March 31, 2006 and June 30, 2006, the company now meets the requirements for continued listing.
The disclosure of improper financial reporting led to the restatement of hundreds of contracts and revenue periods, primarily in 2003 and 2004, and the resignations of five top executives. The U.S. Securities and Exchange Commission has also notified Merge of the possibility of an informal forthcoming inquiry.
June 29 marked the end of the internal investigation conducted by the company’s audit committee in which some 230,000 e-mails were inspected, scores of employees were interviewed, and hundreds of contracts reviewed, company chairman Michael Dunham said last week.
• Merge Healthcare appoints new CEO, reports $215 million Q2 loss
• Merge files financial reports by market opening
• Merge fails to file quarterly financial report
• NASDAQ grants Merge more time for compliance
• NASDAQ will continue to list Merge
• NASDAQ puts Merge on notice again