StarMedia receives delisting notice from Nasdaq
World IT Report, Apr 9, 2003
StarMedia Network, operator of a Latin American Internet portal, has received a Nasdaq Staff Determination, indicating that due to its failure to file its quarterly report for the period ended September 30, 2001, StarMedia is subject to delisting from The Nasdaq National Market.
StarMedia has requested a hearing before a Nasdaq Listing Qualifications Panel to review the Staff Determination. Pending the outcome of this review, the delisting of the Company's securities will be stayed.
As previously announced, the Company intends to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2001 promptly after completion of its investigation of accounting issues with respect to revenue recognition by two of the company's Mexican subsidiaries, as well as any required restatement of its prior financial statements. -(World IT Report)
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