Contact Information: Contact: John Drury Vice President and Corporate Controller 408-548-1000 Investor Relations 408-542-5050 investor.relations@Finisar.com
Finisar Corporation Receives Nasdaq Notice Regarding Delayed Filing of Form 10-Q
Company to Request Hearing
| Source: FINISAR CORPORATION
SUNNYVALE, CA -- (MARKET WIRE) -- December 14, 2006 --Finisar Corporation (NASDAQ : FNSR ) announced
that on December 13, 2006 it received a Staff Determination notice from The
Nasdaq Stock Market stating that the Company is not in compliance with
Marketplace Rule 4310(c)(14) because it did not timely file its report on
Form 10-Q for the second quarter ended October 29, 2006, and therefore,
that its common stock is subject to delisting from the Nasdaq Global Select
Market.
As previously announced, Finisar has delayed filing its Form 10-Q report
pending the completion of a review of its historical stock option grant
practices being conducted by the Audit Committee of its Board of Directors.
The Company plans to file its Form 10-Q report as soon as practicable
following the conclusion of the review.
The Company will request a hearing before a Nasdaq Listing Qualifications
Panel to review the Staff Determination. There can be no assurance that
the panel will grant the Company's request for continued listing. Pending
a decision by the hearing panel, Finisar's common stock will continue to be
traded on the Nasdaq Global Select Market.
About Finisar
Finisar Corporation (NASDAQ : FNSR ) is a technology leader for fiber optic
components and subsystems and network test and monitoring systems. These
products enable high-speed data communications for networking and storage
applications over Gigabit Ethernet Local Area Networks (LANs), Fibre
Channel Storage Area Networks (SANs), and Metropolitan Area Networks (MANs)
using Fibre Chanel, IP, SAS, SATA and SONET/SDH protocols. The Company's
headquarters is in Sunnyvale, California, USA. www.finisar.com.
Forward-Looking Statements
This press release contains forward-looking statements regarding the
Company's plans to request a hearing with Nasdaq. These forward-looking
statements are subject to risks and uncertainties, and actual results could
differ materially from those projected. These risks and uncertainties
include, but are not limited to, the timing and results of the review by
the Audit Committee; the timing and outcome of the Nasdaq hearing; the
impact of any actions that may be required or taken as a result of such
review or the Nasdaq hearing and review process. Information regarding
other risks and uncertainties can be found in the Company's Annual Report
on Form 10-K and other interim reports as filed with the Securities and
Exchange Commission.