SANTA CLARA, Calif., May 17 /PRNewswire-FirstCall/ -- Coherent, Inc.
(Nasdaq: COHR) today announced that, as anticipated, on May 14, 2007, it
received an additional NASDAQ Staff Determination letter indicating that
the Company is not currently in compliance with NASDAQ's listing
requirements as set forth in Marketplace Rule 4310(c)(14) due to the
delayed filing of the Company's Form 10-Q for the fiscal quarter ended
March 31, 2007. The notice stated that the delay in filing could serve as
an additional basis for delisting of the Company's securities.
As previously disclosed, the Company initiated an independent review by
a special committee of its board of directors of the Company's historical
stock option practices and related accounting. The Company requested the
independent review following an internal review of its historical stock
option practices, which was a voluntary review initiated in light of news
of the option practices of numerous companies across several industries.
Independent counsel and advisors are assisting the special committee with
its review. At this time, the Company has not determined if it needs to
record any non-cash adjustments related to prior stock option grants or to
restate any of its previously filed financial statements. The Company will
provide only selected financial information while the special committee
completes its review.
Founded in 1966, Coherent, Inc. is a Standard & Poor's SmallCap 600
company and a world leader in providing laser-based solutions to the
commercial and scientific research markets.
Please direct any questions to Peter Schuman, Director, Investor
Relations at 408-764-4174. For more information about Coherent, visit the
Company's Web site at http://www.coherent.com/ for product and financial
updates.
SOURCE Coherent, Inc.
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Related links:
http://www.coherent.com/
CONTACT:
Peter Schuman, +1-408-764-4174, for Coherent
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