SOURCE: CADENCE DESIGN SYSTEMS, INC.
|
November 24, 2008 16:05 ET
Cadence Receives Notice From NASDAQ Due to Delay in Filing Its Quarterly Report on Form 10-Q
SAN JOSE, CA--(Marketwire - November 24, 2008) - Cadence Design Systems, Inc. (NASDAQ: CDNS)
today announced that it received a letter from The NASDAQ Stock Market on
November 18, 2008 indicating that the company is not in compliance with the
filing requirements under NASDAQ Marketplace Rule 4310(c)(14) because it
did not timely file its Quarterly Report on Form 10-Q for the quarter ended
September 27, 2008 with the Securities and Exchange Commission.
The delay in the filing of the Quarterly Report on Form 10-Q for the
quarter ended September 27, 2008 is related to the previously announced
investigation being conducted by the Audit Committee of Cadence's Board of
Directors and its independent counsel. Cadence will file the Quarterly
Report on Form 10-Q for the quarter ended September 27, 2008 as soon as
practicable.
The NASDAQ letter also stated that Cadence may submit a plan to regain
compliance no later than January 19, 2009. If Cadence has not previously
filed its Quarterly Report on Form 10-Q for the quarter ended September 27,
2008, then prior to the January 19, 2009 deadline, Cadence will file a
compliance plan with NASDAQ. Following a review of such compliance plan,
the NASDAQ staff may grant Cadence an extension of time to regain
compliance. During this time, and through the extension period which may be
granted to Cadence by the NASDAQ staff, Cadence's securities will continue
to be listed on The NASDAQ Global Select Market.
About Cadence
Cadence enables global electronic-design innovation and plays an essential
role in the creation of today's integrated circuits and electronics.
Customers use Cadence® software and hardware, methodologies, and services
to design and verify advanced semiconductors, consumer electronics,
networking and telecommunications equipment, and computer systems. The
company is headquartered in San Jose, Calif., with sales offices, design
centers, and research facilities around the world to serve the global
electronics industry. More information about Cadence and its products and
services is available at www.cadence.com.
Cadence is a registered trademark and the Cadence logo is a trademark of
Cadence Design Systems, Inc. All other trademarks are the property of their
respective owners.
The statements contained above regarding the timing of the filing of the
Quarterly Report on Form 10-Q and the previously announced investigation
include forward-looking statements based on current expectations or
beliefs, as well as a number of preliminary assumptions about future events
that are subject to factors and uncertainties that could cause actual
results to differ materially from those described in the forward-looking
statements. Readers are cautioned not to put undue reliance on these
forward-looking statements, which are not a guarantee of future performance
and are subject to a number of risks, uncertainties and other factors, many
of which are outside Cadence's control including but not limited to: (i)
the effects of Cadence's previously announced restructuring and management
changes on Cadence's business, including its ability to retain key
employees; (ii) the outcome of the previously announced investigation being
conducted by the audit committee; and (iii) the effects of any litigation
or other proceedings to which Cadence is or may become a party.
For a detailed discussion of these and other cautionary statements, please
refer to the company's filings with the Securities and Exchange Commission,
including the company's Annual Report on Form 10-K for the year ended
December 29, 2007 and the risk factors section of the company's Quarterly
Report on Form 10-Q for the quarter ended June 28, 2008.