Novell Receives Additional NASDAQ Notice
Novell today announced that, as expected, it received an additional notice of non-compliance from the staff of the NASDAQ Stock Market due to the delay in filing its quarterly report on Form 10-Q for the fiscal quarter ended Jan. 31, 2007, as required by NASDAQ Marketplace Rule 4310(c)(14).
As previously announced, Novell received notices of non-compliance from NASDAQ on Sept. 14, 2006 and Jan. 22, 2007 due to the delay in filing its quarterly report on Form 10-Q for the fiscal quarter ended July 31, 2006 and its annual report on Form 10-K for the fiscal year ended Oct. 31, 2006, respectively. Novell has delayed the filing of its periodic reports pending the completion of the review by its Audit Committee of the Company's historical stock-based compensation practices.
In response to the first notice of non-compliance, Novell requested a hearing before a NASDAQ Listing Qualifications Panel (the "Panel"). On Jan. 9, 2007, the Panel granted Novell's request for continued listing subject to the requirements that Novell 1) provide the Panel with certain information relating to the Audit Committee's review on or about March 1, 2007, which was submitted to the Panel, and 2) become current in its delinquent reports and file any necessary restatements by March 13, 2007.
In connection with the call for review, the Listing Council has provided Novell with the opportunity to make an additional submission for the Listing Council's consideration by May 4, 2007.
Justin Steinman may be a nice guy, but he needs to learn that exaggerating one's open source bonafides, especially when said bonafides are in serious question, is bad form in open source. Talking about how much money you spend on open source (especially when it's not true), is doubly gauche. It just doesn't win the kinds of friends that Novell desperately needs.
Justin managed to fail on several different levels, which is impressive. Here are two.