| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers S > Headlines for Savient Pharmaceuticals, Inc. > News item |
Savient Pharmaceuticals receives Nasdaq listing extension
By Lisa Kerner
Erie, Pa., Jan. 23 - Savient Pharmaceuticals, Inc. said that the Nasdaq Listing Qualifications Panel has agreed to continue the listing of the company's securities on The Nasdaq National Market provided that the company files required documents.
These documents include its amended form 10-Q for the quarter ended March 31, 2005, its initial forms 10-Q for the quarters ended June 30, 2005 and Sept. 30, 2005, and all required restatements, by Jan. 26, 2006, according to a company news release.
On Jan. 19 Savient filed its amended form 10-K for the year ended Dec. 31, 2004, which included prior period restatements for fiscal 2003, 2002 and 2001. These restatements positively affected revenues and earnings in 2004, the company said.
Savient requested this extension on Jan. 13 because it needed to perform additional procedures to update all activities since the initial 10-K was filed on March 31, 2005. This included updating its assessment of its internal controls over financial reporting.
As previously announced, the remaining filings will carry forward the affect of the restatements of the company's financial statements contained in its amended 10-K.
Nasdaq's qualifications panel previously determined to continue Savient's listing provided that the company files amendments to its 10-K for the year ended Dec. 31, 2004, including 2003, 2002 and 2001 prior-period restatements. Savient was also required to file a 10-Q for the quarter ended March 31, 2005, its initial 10-Q for the quarter ended June 30, 2005 and its initial 10-Q for the quarter ended Sept. 30, 2005. All filings must be completed on or before Jan. 20.
If Savient fails to meet the terms of the current extension granted by the panel, the company expects that its securities would be delisted from The Nasdaq National Market.
Based in East Brunswick, N.J., Savient Pharmaceuticals is a specialty pharmaceutical company.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.