Overstock.com, Inc. (Nasdaq: OSTK) recently shared that it received a letter on November 19, 2009 from the NASDAQ Stock Market ("NASDAQ") notifying Overstocked that it violated NASDAQ Listing Rules when it filed its Quarterly Report on Form 10-Q for the period ended September 30, 2009 because the filing wasn't reviewed in accordance with Statement of Auditing Standards No. 100. The letter also notified the company that the filing did not contain the certifications required under sections 302 and 906 of the Sarbanes-Oxley Act of 2002.
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Under NASDAQ rules, Overstock.com now has 60 calendar days, or until January 18, 2010, to submit to NASDAQ a plan to regain compliance with the NASDAQ Listing Rules. If NASDAQ accepts the company's plan, Overstock.com will have until May 17, 2010 to regain compliance. " As we discussed on our November 18, 2009 conference call, we fully expected to receive this notification letter after we filed an unreviewed 10-Q," said Jonathan Johnson, Overstock.com President. "I have talked with our listing analyst at NASDAQ and I expect that the plan we submit to the NASDAQ will be accepted and that the company will regain compliance well before the deadline." If NASDAQ does not accept the company's plan, Overstock.com will have the opportunity to appeal that decision to the NASDAQ Hearings Panel.
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