CNET Networks Inc. said on Wednesday it has received notice it is not in compliance with Nasdaq listing rules after it delayed filing a quarterly report due to an internal stock options investigation.
CNET said it plans to request a hearing before the Nasdaq Listing Qualifications Panel and its shares will remain listed on the exchange pending a decision by the panel.
The San Francisco based company announced earlier today that it will not meet the deadline for filing its quarterly report with Securities and Exchange Commission (SEC) until it determines how it will restate previous results dating back to 1998.
The publisher said it would file its second-quarter 10Q report by the U.S. Securities and Exchange Commission as soon as practicable.
In July, the company said its board of directors had established a special committee of independent directors to review the company's stock option practices and related accounting in the period from 1998 to 2001.
CNET is one of the more than 80 investigations that U.S. regulators say are underway regarding the backdating of stock options given to employees and executives.