Monday, November 23, 2009

Overstock Gets NASDAQ Notification

Salt Lake City-based Overstock.com has been warned by the NASDAQ over violation of listing rules, the firm said Friday, after it filed its quarterly 10-Q without review of an auditor. According to Overstock, it was notified that the company violated NASDAQ Listing Rules after submitting a 10-Q without review, and without certifications required by the Sarbanes-Oxley Act. Overstock submitted the quarterly report after a disagreement, and firing, of its auditor, Grant Thornton, last week. The firm said it now has 60 calendar days--until January 18th--to regain compliance. Overstock.com said it is expecting that its plan submitted to the NASDAQ to be accepted, and that it will regain compliance before the deadline.