interWAVE Legal Counsel Investigates Allegations from Former Employee
March 09 2004 - 7:00AM
PR Newswire (US)
interWAVE Legal Counsel Investigates Allegations from Former
Employee Nasdaq Market Listing Under Review; interWAVE Plans to
Appeal MOUNTAIN VIEW, Calif., March 9 /PRNewswire-FirstCall/ --
interWAVE Communications International Ltd. today announcedthat the
Company has recently filed an amended report on Form 10-Q for the
quarter ended December 31, 2003. In the Explanatory Note contained
in the amended 10-Q filing [the Explanatory Note is immediately
after the Cover Page and immediately prior tothe Index on Page 1 at
http://www.sec.gov/Archives/edgar/data/1095478/000110465904006227/a04-3026_110qa.htm
], interWAVE disclosed that the Company's legal counsel is
investigating allegations from a former employee of interWAVE.
KPMG, LLP, the Company's independent auditors, has informed
interWAVE that its review of the Company's financial statements in
the 10-Q will not be completed until KPMG, LLP has reviewed the
legal counsel's investigation of the allegations. Subsequent to
this filing by the Company, the Company has been notified by the
Nasdaq Stock Market that its listing on the Nasdaq National Market
is under review. This action has been taken by Nasdaq as a result
of the Company's having filed a 10-Q for the December 31, 2003
quarter for which auditor review was not complete, which is not in
compliance with Nasdaq Marketplace Rule 4310(c)(14). As a result of
this notification, the Company's stock symbol will be changed to
"IWAVE" effective with the opening of trading Wednesday March 10.
In the Company's formal notice from Nasdaq, the Company was given
the opportunity to appeal the potential delisting before a Nasdaq
listings qualification panel. The Company presently intends to
avail itself of that opportunity to appeal. The Company expects
that the panel meeting will take place in late March or April 2004.
At this panel meeting, if the panel accepts the Company's position,
the Company would be permitted to retain its Nasdaq listing and the
"E" designation would be removed from the Company's symbol when the
Company is able to demonstrate compliance with the Nasdaq Listing
Qualification rules. The Company expects that the investigation of
the allegations by the former employee will be completed shortly
and intends to work with its independent auditors to facilitate
their review of the allegations and the outcome of the
investigation. The Company presently anticipates to complete this
process in the relatively near term, prior to a hearing before the
Nasdaq listings qualification panel. Forward Looking Statements
This news release contains forward-looking statements that are
subject to known and unknown risks and uncertainties that could
cause the results of interWAVE Communications International, Ltd.
to differ materially from management's current expectations. These
risks and uncertainties include, but are not limited to, potential
noncompliance with NASDAQ National Market continued listing
requirements, potential lack of liquidity and capital resources,
compliance with regulations, as well as the Risk Factors discussed
in the filings and reports made from time to time by interWAVE with
the Securities and Exchange Commission. DATASOURCE: interWAVE
Communications International, Ltd CONTACT: Cal R. Hoagland,SVP
& CFO of interWAVE, +1-650-314-2533, Web site:
http://www.iwv.com/
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