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26 March 2007


Kopin and Finisar receive further Nasdaq non-compliance notices

The Nasdaq Stock Market has sent additional staff determination notices indicating non-compliance with Nasdaq Marketplace Rule 4310(c)(14) to both HBT epiwafer foundry Kopin Corp of Taunton, MA, USA and fiber-optic component and subsystem maker Finisar Corp of Sunnyvale, CA, USA due to the companies not filing their latest financial reports on Form 10-K (for 2006) and Form 10-Q (for fiscal third quarter, ended 28 January 2007), respectively. Each letter indicates that the delinquency serves as an additional basis that could result in the delisting of the respective firm’s common stock from Nasdaq.

Finisar plans to file its Form 10-Q report “as soon as practicable” after completion of a review of its historical stock option grant practices being conducted by an Audit Committee of its board of directors.

Finisar had previously received a similar staff determination notice regarding its failure to file the report for its second quarter (ended 29 October 2006), leading to a hearing before the Nasdaq Listing Qualifications Panel on 15 February to request additional time to comply with the filing requirements. Finisar intends to supplement its previous submission to Nasdaq to include its third-quarter Form 10-Q in its request for additional time to comply. As requested by Finisar, the firm’s common stock will continue to be traded on the Nasdaq Global Select Market pending a decision on delisting by the Listing Qualifications Panel.

Kopin had previously also been unable to file its report on Form 10-Q for the quarter to end-September 2006 too, because of the ongoing internal review of its historical stock option grant practices by a special committee appointed (by its board of directors, assisted by independent legal and accounting experts). This led to a delisting notice in last November. Following a hearing in January, the Listing Qualifications Panel determined to stay the delisting on the condition that Kopin:

  • by 11 April provides the Nasdaq Hearings Department with the special committee’s final investigatory report, which must answer a series of questions about its investigation (in lieu of the final report, the company must provide the Hearings Department with specific written responses to such questions); and
  • by 14 May becomes current in its delinquent periodic reports, and files any required restatements.

Otherwise, the panel will suspend trading of the stock, unless the Nasdaq Listing Council elects to review the case and stay delisting.

In the meantime, Kopin has issued preliminary, limited financial results for the quarters to end-September and end-December 2006, respectively.

Kopin says it is working diligently to complete all necessary filings and hence demonstrate compliance with all applicable requirements for continued listing.

See related items:

Emcore and Finisar receive Nasdaq delisting notices 

Kopin granted stay of delisting by Nasdaq

Kopin on notice from NASDAQ pending review of stock option practices

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