Witness (NASDAQ:WITS)
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Witness Systems, Inc. (NASDAQ: WITS) today announced that it has
received an additional Staff Determination notice from The Nasdaq Stock
Market related to the delayed filing of its Quarterly Report on
Securities and Exchange Commission (SEC) Form 10-Q for the quarter ended
September 30, 2006.
Timely filing of periodic reports with the SEC is a requirement for
continued listing under Nasdaq Marketplace Rule 4310(c)(14). The
additional Staff Determination – which the
company expected – provides that the delayed
filing of the Form 10-Q for the quarter ended September 30, 2006 could
serve as an additional basis for potential delisting of the company’s
common stock. However, since the possibility of a delayed filing of the
Form 10-Q was previously discussed with the Nasdaq Listing
Qualifications Panel (the “Panel”),
Witness Systems does not expect that the delayed filing will affect its
continued listing on The Nasdaq Global Market.
As previously announced, the Panel has determined that Witness Systems’
continued listing on The Nasdaq Global Market is subject to the
requirements that the company (i) by no later than December 18, 2006,
provide the Nasdaq Hearing Department with certain additional
information and (ii) by no later than January 19, 2007, file its
Quarterly Reports on Form 10-Q for the quarters ended June 30, 2006 and
September 30, 2006. The Panel has advised the company that if the
company is unable to meet these conditions, there can be no assurance
that Nasdaq will grant an additional extension of time to meet such
requirements or that the company’s common
stock will remain listed on The Nasdaq Stock Market.
About Witness Systems
Witness Systems (NASDAQ: WITS) is the worldwide leader in software and
services that help businesses capture customer intelligence and optimize
their workforce performance. The company’s
Impact 360™ solution
unifies quality monitoring, compliance and IP recording, workforce
management, performance management and eLearning. Primarily deployed in
contact centers – as well as the remote,
branch and back offices of global organizations –
the workforce optimization solution captures, analyzes and enables users
to share and act on cross-functional information across the enterprise.
With Impact 360, organizations can improve interactions and the
underlying back-office processes that enhance the customer experience
and build customer loyalty. For more information, visit us at www.witness.com.
Cautionary Note Regarding Forward-looking Statements: Information
in this release that involves Witness Systems’
expectations, plans, intentions or strategies regarding the future are
forward-looking statements that are not facts and involve a number of
risks and uncertainties. They are identified by words such as “anticipates,”
“expects,” “intends,”
“plans,” “believes,”
“estimates,” “will,”
and similar expressions. These risks and uncertainties include, but are
not limited to, our ability to persuade the Nasdaq Listing
Qualifications Panel to grant a formal extension of time to file our
delayed Form 10-Q for the quarter ended September 30, 2006; our ability
to file required reports with the SEC on a timely basis and our ability
to meet the conditions specified by the Nasdaq Listing Qualification
Panel and the other requirements of the Nasdaq Stock Market for
continued listing of our common stock on The Nasdaq Stock Market; the
possibility that the special committee, 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; the possibility 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 our financial statements, may change based
upon the special committee’s ongoing
analysis; the possibility 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 special Committee’s review; the
possibility that other actions may be taken or required as a result of
the special committee’s review; and the
possibility that the anticipated accounting adjustments and other
factors described above could have negative tax or other implications
for the company. Other factors that could cause actual future results to
differ materially from current expectations include fluctuations in
customer demand and the timing of orders; the company's ability to
manage its growth; the risk of new product introductions and customer
acceptance of new products; the rapid technological change which
characterizes the company's markets; the risks associated with
international sales as the company expands its markets, including the
risks associated with foreign currency fluctuations; the ability of the
company to complete and integrate successfully any acquisitions or
investments it may make; and the ability of the company to compete
successfully in the future, as well as other risks identified under the
caption “Management's Discussion and Analysis
of Financial Condition and Results of Operations”
in the company's Form 10-K for the year ended December 31, 2005 and its
Form 10-Q for the quarter ended March 31, 2006, as filed with the
Securities and Exchange Commission.
The forward-looking statements in this release are based upon
information available to Witness Systems as of the date of this release,
and the company assumes no obligation to update any such forward-looking
statement. Forward-looking statements believed true when made may
ultimately prove to be incorrect. These statements are not guarantees of
future performance and are subject to risks, uncertainties and other
factors, some of which are beyond our control and may cause actual
results to differ materially from our current expectations.
Witness, Impact 360, Improve Everything and the Witness logo are the
trademarks (registered or otherwise) of Witness Systems, Inc. protected
by laws of the U.S. and other countries. All other trademarks mentioned
in this document are the property of their respective owners.
Witness Systems, Inc. (NASDAQ: WITS) today announced that it has
received an additional Staff Determination notice from The Nasdaq
Stock Market related to the delayed filing of its Quarterly Report on
Securities and Exchange Commission (SEC) Form 10-Q for the quarter
ended September 30, 2006.
Timely filing of periodic reports with the SEC is a requirement
for continued listing under Nasdaq Marketplace Rule 4310(c)(14). The
additional Staff Determination - which the company expected - provides
that the delayed filing of the Form 10-Q for the quarter ended
September 30, 2006 could serve as an additional basis for potential
delisting of the company's common stock. However, since the
possibility of a delayed filing of the Form 10-Q was previously
discussed with the Nasdaq Listing Qualifications Panel (the "Panel"),
Witness Systems does not expect that the delayed filing will affect
its continued listing on The Nasdaq Global Market.
As previously announced, the Panel has determined that Witness
Systems' continued listing on The Nasdaq Global Market is subject to
the requirements that the company (i) by no later than December 18,
2006, provide the Nasdaq Hearing Department with certain additional
information and (ii) by no later than January 19, 2007, file its
Quarterly Reports on Form 10-Q for the quarters ended June 30, 2006
and September 30, 2006. The Panel has advised the company that if the
company is unable to meet these conditions, there can be no assurance
that Nasdaq will grant an additional extension of time to meet such
requirements or that the company's common stock will remain listed on
The Nasdaq Stock Market.
About Witness Systems
Witness Systems (NASDAQ: WITS) is the worldwide leader in software
and services that help businesses capture customer intelligence and
optimize their workforce performance. The company's Impact 360(TM)
solution unifies quality monitoring, compliance and IP recording,
workforce management, performance management and eLearning. Primarily
deployed in contact centers - as well as the remote, branch and back
offices of global organizations - the workforce optimization solution
captures, analyzes and enables users to share and act on
cross-functional information across the enterprise. With Impact 360,
organizations can improve interactions and the underlying back-office
processes that enhance the customer experience and build customer
loyalty. For more information, visit us at www.witness.com.
Cautionary Note Regarding Forward-looking Statements: Information
in this release that involves Witness Systems' expectations, plans,
intentions or strategies regarding the future are forward-looking
statements that are not facts and involve a number of risks and
uncertainties. They are identified by words such as "anticipates,"
"expects," "intends," "plans," "believes," "estimates," "will," and
similar expressions. These risks and uncertainties include, but are
not limited to, our ability to persuade the Nasdaq Listing
Qualifications Panel to grant a formal extension of time to file our
delayed Form 10-Q for the quarter ended September 30, 2006; our
ability to file required reports with the SEC on a timely basis and
our ability to meet the conditions specified by the Nasdaq Listing
Qualification Panel and the other requirements of the Nasdaq Stock
Market for continued listing of our common stock on The Nasdaq Stock
Market; the possibility that the special committee, 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; the possibility 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 our financial
statements, may change based upon the special committee's ongoing
analysis; the possibility 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 special Committee's review; the possibility that
other actions may be taken or required as a result of the special
committee's review; and the possibility that the anticipated
accounting adjustments and other factors described above could have
negative tax or other implications for the company. Other factors that
could cause actual future results to differ materially from current
expectations include fluctuations in customer demand and the timing of
orders; the company's ability to manage its growth; the risk of new
product introductions and customer acceptance of new products; the
rapid technological change which characterizes the company's markets;
the risks associated with international sales as the company expands
its markets, including the risks associated with foreign currency
fluctuations; the ability of the company to complete and integrate
successfully any acquisitions or investments it may make; and the
ability of the company to compete successfully in the future, as well
as other risks identified under the caption "Management's Discussion
and Analysis of Financial Condition and Results of Operations" in the
company's Form 10-K for the year ended December 31, 2005 and its Form
10-Q for the quarter ended March 31, 2006, as filed with the
Securities and Exchange Commission.
The forward-looking statements in this release are based upon
information available to Witness Systems as of the date of this
release, and the company assumes no obligation to update any such
forward-looking statement. Forward-looking statements believed true
when made may ultimately prove to be incorrect. These statements are
not guarantees of future performance and are subject to risks,
uncertainties and other factors, some of which are beyond our control
and may cause actual results to differ materially from our current
expectations.
Witness, Impact 360, Improve Everything and the Witness logo are
the trademarks (registered or otherwise) of Witness Systems, Inc.
protected by laws of the U.S. and other countries. All other
trademarks mentioned in this document are the property of their
respective owners.