Thursday, September 20, 2007

SCO Group Faces Nasdaq Delisting

The SCO Group Inc., a developer of UNIX-based software and mobile services, revealed last night that it has received de-listing notification from The Nasdaq Stock Market. According to SCO, the company would be de-listed in a week, on Sept. 27, barring an appeal. SCO said it received the Nasdaq Staff Determination Letter on Tuesday as a result of the company having filed for Chapter 11 bankruptcy last Friday. SCO said it plans to request a review hearing, which would grant a temporary stay and prevent the suspension of trading of the company's common stock. However, SCO said there was no guarantee the Nasdaq panel would approve the Lindon, Utah-based company’s request for continued listing. SCO, which has been suing IBM over alleged use of its source code in the open source operating system Linux, filed for bankruptcy last week due to costs from its legal battles.