Contact Information: Contact: Steve Workman Chief Financial Officer 408-548-1000 Investor Relations 408-542-5050 investor.relations@Finisar.com
Finisar Corporation Receives Additional Nasdaq Staff Determination Notice
| Source: FINISAR CORPORATION
SUNNYVALE, CA--(Marketwire - September 18, 2007) - Finisar Corporation (NASDAQ : FNSR ), reported
that on September 14, 2007, it received an Additional Staff Determination
notice from The Nasdaq Stock Market ("Nasdaq") stating that Finisar is not
in compliance with Nasdaq's Marketplace Rule 4310(c)(14) because it did not
timely file its report on Form 10-Q for the fiscal quarter ended July 29,
2007 (the "July 10-Q") and, therefore, that its common stock is subject to
delisting from the Nasdaq Global Select Market.
On September 11, 2007, Finisar filed a Form 12b-25 with the Securities and
Exchange Commission reporting that it had delayed filing the July 10-Q
pending the completion of a review of its historical stock option grant
practices being conducted by the Audit Committee of its Board of Directors.
Finisar plans to file the July 10-Q as soon as practicable following the
conclusion of the review.
Finisar had previously received similar Staff Determination notices with
respect to its failure to timely file its quarterly reports on Form 10-Q
for the quarters ended October 29, 2006 (the "October 10-Q") and January
28, 2007 (the "January 10-Q") and its Form 10-K report for the fiscal year
ended April 30, 2007 (the "Form 10-K"). In response to the original Staff
Determination notice, Finisar requested a hearing before the Nasdaq Listing
Qualifications Panel (the "Panel"), which was held on February 15, 2007.
At the hearing, Finisar requested that its common stock continue to be
listed pending completion of the Audit Committee's review of Finisar's
stock option grant practices, the preparation of restated financial
statements, if required, and the filing of the October 10-Q. Finisar
supplemented its request to cover the delayed filing of the January 10-Q.
The Panel issued a decision on April 4, 2007, granting Finisar an extension
of time to June 11, 2007 to file the October 10-Q and any required
restatements of its financial statements and an extension of time to July
3, 2007 to file the January 10-Q. Finisar appealed the Panel's decision to
the Nasdaq Listing and Hearing Review Council (the "Listing Council") and
requested that the Listing Council stay the Panel's decision, and any
future Panel decisions to delist Finisar's securities, pending appeal. The
Listing Council has agreed to review the April 4, 2007 decision of the
Panel and has stayed the Panel's April 4, 2007 decision. On August 9,
2007, Finisar supplemented its previous submission to Nasdaq to include the
Form 10-K in its pending request for additional time to make required
filings and submitted additional information to the Listing Council. The
Listing Council will review the matter on the basis of the written record.
Finisar intends to further supplement its previous submission to Nasdaq to
include the July 10-Q in its pending request for additional time to make
required filings. There can be no assurance that the Listing Council will
grant Finisar's request for continued listing. Pending a decision by the
Listing Council, Finisar's common stock will continue to be traded on the
Nasdaq Global Select Market.
About Finisar
Finisar Corporation is a global technology leader for fiber optic
components and subsystems and network test and monitoring systems. These
products enable high-speed voice, video and data communications for
networking, storage and wireless applications over Local Area Networks
(LANs), Storage Area Networks (SANs), and Metropolitan Area Networks (MANs)
using Ethernet, Fibre Channel, IP, SAS, SATA and SONET/SDH protocols. The
Company is headquartered in Sunnyvale, California, USA. More information
can be found at www.finisar.com.