8 replies (most recent on top)
Education Management Corporation
Born 1962 - Died 2014
Rest in Peace
Voluntary delisting ends the company's obligation to file a financial report. If the stock is almost worthless, anyway, why have the world looking over your shoulder? Although it probably raises some questions with the Dept of Ed in regard to qualifications for title iv (financial aid) de-listing the stock would presumably make it more difficult for critics to bash the company because it would become, officially, what it really has been in fact, all along; a closely held corporation.
Education Management Corp. announced Wednesday it has received notice from Nasdaq stating that it is not in compliance with a listing rule requiring the timely filing of reports with the U.S. Securities and Exchange Commission.
The letter, dated Oct. 2, was sent as a result of the company's delay in filing its annual financial report for the fiscal year ended June 30. EDMC filed a document with the SEC on Sept. 16 alerting the commission that it would not be able to file its annual report on time due to unresolved issues with the SEC related to revenue recognition and bad debt reserve recorded upon student withdrawals.
EDMC (NYSE: EDMC) said the notice has no immediate effect on the listing or trading of the company's common stock. Under Nasdaq rules the company has 60 days to submit a plan to regain compliance.
The company said its directors and management are exploring voluntary delisting and suspending its reporting obligations under the Securities Exchange Act of 1934.
EDMC's board of directors has not formally approved the voluntary delisting.
They would not do it by choice, delisting happens when your stock goes under $1 dollar for a continuous 30 to 60 days. Basically what the stock markets says is your stock is worthless, get it off our shelf and go try to sell it to some other suckers.
Why would EDMC voluntarily delist the stock?
Today, we issued a news release stating we received a standard letter from NASDAQ notifying us we are not in compliance with its listing requirements because we have yet to file our Form 10-K annual report with the U.S. Securities and Exchange Commission (SEC).
I’m writing to let you know that the letter is strictly procedural. We have already publicly stated we would not file the Form 10-K until we resolve outstanding questions from the SEC.
The NASDAQ notice, which has no immediate effect on the listing or trading of our common stock on the NASDAQ market, provides us with 60 days to submit a plan to regain compliance. If necessary, we will submit a plan to NASDAQ in the event that we do not file our Form 10-K prior to the expiration of the 60-day period.
It was actually at 78 cents yesterday for a period of time. The only way anyone will know that the bottom has truly dropped out is when you go to work and the doors are locked or they tell everyone to go home shortly after arriving. Far fetched? Maybe, but others in businesses have experienced the same treatment also.
Yeah this is what would be considered a very bad thing...and it hit an all-time low of 83 cents! Just 2.5 years ago it was 30 a share! Good luck with the shareholder lawsuit you slimy cunts.