Kos (NASDAQ:KOSP)
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From Jun 2019 to Jun 2024
Kos Pharmaceuticals, Inc. (Nasdaq:KOSP) today announced
that the Company intends to request a hearing before a Nasdaq Listing
Qualifications Panel (the "Panel") in response to the receipt of a
Nasdaq Staff Determination letter dated August 14, 2006, indicating
that the Company is not in compliance with the filing requirements for
continued listing as set forth in Marketplace Rule 4310(c)(14). The
letter was issued by the Nasdaq Listing Qualifications staff due to
the delayed filing of the Company's Quarterly Report on Form 10-Q for
the quarter ended June 30, 2006. The Company's shares will remain
listed on the Nasdaq Stock Market pending a decision by the Panel.
As previously disclosed, the Southeast Regional Office of the
Securities and Exchange Commission (the "SEC") sent the Company a
letter dated July 25, 2006, requesting that the Company voluntarily
provide documents relating to the grant and exercise of options during
the period from January 1, 1997 to the present. Before receiving the
request from the SEC, the Company had already commenced an internal
review of its historical stock option grant practices and related
accounting treatment. That review is ongoing. The Company is
cooperating fully with the SEC and plans to file its Form 10-Q for the
quarter ended June 30, 2006, as soon as practicable upon completion of
the Company's internal review of its stock option grant practices and
related accounting.
Certain statements in this press release, including the expected
filing date of the Company's Second Quarter Form 10-Q, the Company's
ability to maintain compliance with Nasdaq listing standards, and
statements regarding the Company's future performance are
forward-looking and are subject to risks and uncertainties which may
cause actual results to differ materially from those projected in a
forward-looking statement. These risks and uncertainties include, but
are not limited to, the possibility that the Company, in consultation
with its advisers, will determine that the proper accounting for the
Company's prior stock option grants differs from the accounting
treatment upon which the assumptions and forward-looking statements in
this release are based; that the scope of the issues as to the timing
and accuracy of measurement dates for option awards and the timing of
formal corporate approvals may change; that the amount and timing of
additional stock-based compensation expenses and other additional
expenses to be recorded in connection with affected option grants, and
any corresponding adjustments to the Company's financial statements,
may change based upon the Company's ongoing analysis; that the
Company's ability to file required reports with the SEC on a timely
basis may be impaired; that the Company's ability to meet the
requirements of the Nasdaq Stock Market for continued listing of the
Company's shares may be impaired; that potential claims and
proceedings may arise relating to such matters, including possible
litigation and action by the SEC or other governmental entities, that
might impact the outcome of the Company's review; that other actions
may be taken or required as a result of the Company's review; and that
the anticipated accounting adjustments and other factors could have
negative tax or other implications for the Company. Other risks
attendant to the forward-looking statements included in this press
release are set forth in the "Forward-Looking Information: Certain
Cautionary Statements" section of the Company's Annual Report on Form
10-K for the year ended December 31, 2005 and in other reports filed
with the SEC. All information in this press release is as of August
16, 2006 and the Company undertakes no duty to update this
information.