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KaloBios says Nasdaq to delist stock
http://www.reuters.com/article/us-kalobios-nasdaq-idUSKBN0U628V20151223
Wed Dec 23, 2015 5:54pm EST
KaloBios says Nasdaq to delist stock
KaloBios Pharmaceuticals Inc said on Wednesday that it had been notified by Nasdaq that its stock would be delisted using the exchange operator's "discretionary" authority.
The Nasdaq cited the criminal indictment and arrest of the company's former CEO Martin Shkreli; the arrest and indictment of Evan Greebel, KaloBios' former outside counsel, and a civil complaint by the U.S. SEC against Shkreli and Greebel in its notification.
The drugmaker said on Monday that it had fired the controversial Shkreli on Dec. 17, the day he was arrested on charges of a securities fraud.
Shares of the company — which has not determined whether it will appeal the decision — have not traded since Thursday.
The deadline to request an appeal is Dec. 28, and if KaloBios decides to accept the ruling, the stock will be suspended from trading on Dec. 30.
(snip)
Nasdaq also said KaloBios had failed to file its quarterly report for the period ended Sept. 30, constituting an additional basis for delisting.
