Tier appeals Nasdaq delisting decision
- By William Welsh
- May 25, 2006
Tier Technologies Inc. is appealing a decision made this week by a Nasdaq Stock Market panel to delist the company from the stock exchange.
The Nasdaq Listings Qualifications Hearings Panel informed the Reston, Va., company on May 23 that it would be removed because of concerns about quality and timing of Tier's communications regarding an independent investigation performed by an internal audit committee.
The panel also cited Tier's failure to file its annual report on Form 10-K for fiscal 2005 or its quarterly reports on Form 10-Q for the first two quarters of fiscal 2006 as required by Nasdaq.
The company intends to request that the Nasdaq Listing and Hearing Review Council review the panel's determination. There is no assurance that the council will modify or reverse the panel's determination to delist its securities, Tier said.
The company expects its common stock to be quoted on the Pink Sheets, which does not require companies to disclose financial data, beginning today under the symbol TIER or TIER.PK.
Tier specializes in business and financial transaction payment processing solutions. The company has more than 2,200 government and commercial customers.
William Welsh is a freelance writer covering IT and defense technology.