Satyam (SAY) shares are down sharply this morning after the company said it will de-list its shares from the New York Stock Exchange due to non-compliance with listing requirements. The company also said it will likely miss an October 15 deadline for filing a restatement of its FY 2009 financial results with U.S. regulators.
The de-listing will be effective October 14.
“Due to our late SEC filings, which are among the unfortunate results of the misdeeds of former management, we are de-listing from the NYSE,” Satyam Chairman Vineet Nayyar said in a statement.
Satyam is now controlled by Tech Mahindra, which is expected to eventually acquire the rest of the company.
The stock had rallied earlier in the week after the company had indicated it would reported audited results for 2009 and 2010 on September 29.
SAY is off $1.55, or 25.3%, to $4.57.
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