Forrester Research Receives Anticipated Nasdaq Notice Regarding Delayed Form 10-Q Filing
Forrester Research, Inc. (Nasdaq: FORR) announced today that, as anticipated, it received an additional Staff Determination letter from the Listing Qualifications department of The Nasdaq Stock Market stating that the company is not in compliance with Nasdaq Marketplace Rule 4310(c)(14) because it did not file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2007.
On March 16, 2007, Forrester announced a delay in filing its Annual Report on Form 10-K for its fiscal year ended December 31, 2006, because of its ongoing investigation of its stock-option-granting practices, and, on May 10, 2007, the company announced a delay in filing its Quarterly Report on Form 10-Q for the three months ended March 31, 2007. As previously announced, Forrester has received similar Staff Determination letters stating that it is not in compliance with Nasdaq Marketplace Rule 4310(c)(14) due to the delay in filing its Annual Report on Form 10-K for the year ended December 31, 2006, and its Quarterly Report on Form 10-Q for the period ended March 31, 2007.
As previously announced, on June 14, 2007, a Listing Qualifications panel (“Panel”) of The Nasdaq Stock Market granted Forrester’s request for continued listing on The Nasdaq Stock Market. Forrester’s continued listing is subject to certain conditions, including that on or before September 12, 2007, it files the delinquent reports with the SEC and any required restatement of the company’s historical financial statements. The Panel also has the right to reconsider the terms of its continued listing determination based on any event, condition, or circumstance that would, in the opinion of the Panel, make the continued listing of Forrester’s securities on The Nasdaq Stock Market inadvisable or unwarranted. There can be no assurance that Forrester will satisfy the conditions for continued listing; that Nasdaq will grant an additional extension of time to meet such conditions, if necessary; or that the company’s common stock will remain listed on The Nasdaq Stock Market. The most recent Staff Determination letter states that the failure of the company to file its Form 10-Q for the quarter ended June 30, 2007, will serve as an additional basis for delisting the company’s securities from The Nasdaq Stock Market.