Nasdaq delists i2 shares
Shares of the software maker are delisted from the Nasdaq stock exchange amid an investigation into the company?s finances.
i2 shares were delisted because the Dallas-based company is more than a month late in filing its 2002 annual report with the Securities and Exchange Commission, a violation of Nasdaq listing requirements. The company said it expects to file the report next month and will then appeal Nasdaq?s decision to delist the shares.
The SEC is investigating allegations of fraudulent accounting and is re-auditing financial statements that i2 filed from 1999 to 2001. The investigation, which began in December, stems from allegations made last year by two former i2 executives that the company hadn't properly accounted for revenue related to a several contracts.
"As previously announced, i2 is working diligently to bring current its filings with the SEC, which is dependent upon completing the company?s ongoing re-audits," the company said in a statement.
i2 specializes in inventory and logistics software for manufacturing companies, competing with SAP, Oracle, PeopleSoft, JD Edwards and Manugistics.
The Nasdaq halted trading of i2's shares in March after the company announced that it would miss the SEC filing deadline. At the time, the shares were trading at 79 cents. On Friday, the shares closed at 57 cents in over-the-counter trading.