LECG Throws in the Towel; Won’t Continue to Meet Nasdaq Listing Standards
DoD will officially be April 21, 2011 according to the company’s press release. Obviously whomever’s left will be celebrating the high holiday the night before.
LECG Corporation (NASDAQ: XPRT) announced today that it is terminating its listing on the Nasdaq Global Market as of the close of business on April 21, 2011. The company has previously received notice from Nasdaq that it has failed to maintain a minimum bid price of $1 per share. In light of its current financial condition, the company does not anticipate the minimum bid price for its common stock returning to a level of excess of $1 per share. In addition, in light of its current financial condition and certain publicly-disclosed recent asset sales, the company does not anticipate being able to continue to meet other Nasdaq listing standards in the future. Further, in light of recent resignations, a majority of the members of the Company’s board of directors do not qualify as independent. Following the termination of its listing on Nasdaq, the company intends to terminate its public reporting obligations under the Exchange Act as soon as possible.
[via Francine McKenna via ZH]
Earlier coverage of LECG Implosion:
LECG Fire Sale Continues; San Fran Forensic Accounting Group Joins FTI Consulting
WeiserMazars Moves into Chicago as Part of Acquisition of LECG Units
LECG Selling Off Practice Groups to FTI, Grant Thornton, WeiserMazars