Business Services Industry
XO Asks Nasdaq For Delisting
Communications Today, Dec 14, 2001
Telecom services provider XO Communications [XOXO] on Thursday asked the Nasdaq to delist the company's stock.
XO said it expects to begin trading on the Nasdaq's OTC (over-the- counter) Bulletin Board on Monday under the symbol "XOXO."
The Reston,Va.-based company is facing a class-action lawsuit from shareholders who owned stock in the company from April 4 through Nov. 29. The suit alleges that XO misled investors as to how much cash it had available.
The company recently initiated a re-organization process that would give it an $800 million cash infusion, but effectively wipe out the value of its commonly-traded stock. >TK Talk America [TALK]:
COPYRIGHT 2001 Access Intelligence, LLC
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