SUNNYVALE, CA--(Marketwire - July 12, 2007) - Finisar Corporation (NASDAQ: FNSR), a
technology leader in gigabit fiber optic solutions for high-speed data
networks, today reported that it had received an additional Staff
Determination notice on July 9, 2007 from The Nasdaq Stock Market
("Nasdaq") stating that Finisar is not in compliance with Nasdaq's
Marketplace Rule 4310(c)(14) because it did not timely file its annual
report on Form 10-K for the fiscal year ended April 30, 2007 (the "Form
10-K") and, therefore, that its common stock is subject to delisting from
the Nasdaq Global Select Market.
On June 29, 2007, Finisar filed a Form 12b-25 with the Securities and
Exchange Commission reporting that it had delayed filing the Form 10-K
report pending the completion of a review of its historical stock option
grant practices being conducted by the Audit Committee of its Board of
Directors. Finisar plans to file the Form 10-K report as soon as
practicable following the conclusion of the review.
Finisar had previously received similar Staff Determination notices with
respect to its failure to timely file its quarterly reports on Form 10-Q
for the quarters ended October 29, 2006 (the "October 10-Q") and January
28, 2007 (the "January 10-Q"). In response to the original Staff
Determination notice, Finisar requested a hearing before the Nasdaq Listing
Qualifications Panel (the "Panel"), which was held on February 15, 2007.
At the hearing, Finisar requested that its common stock continue to be
listed pending completion of the Audit Committee's review of Finisar's
stock option grant practices, the preparation of restated financial
statements, if required, and the filing of the October 10-Q. Finisar
supplemented its request to cover the delayed filing of the January 10-Q.
The Panel issued a decision on April 4, 2007, granting Finisar an extension
of time to June 11, 2007 to file its October 10-Q and any required
restatements of its financial statements and an extension of time to July
3, 2007 to file its January 10-Q. Finisar appealed the Panel's decision to
the Nasdaq Listing and Hearing Review Council (the "Listing Council") and
requested that the Listing Council stay the Panel's decision, and any
future Panel decisions to delist Finisar's securities, pending appeal, and
grant Finisar an extension of time to come into compliance with its
reporting obligations until at least August 31, 2007. The Listing Council
has called for review and stayed the April 4, 2007 decision of the Panel.
The Listing Council has requested that Finisar make an additional
submission for its consideration by August 10, 2007. The Listing Council
will then review the matter on the basis of the written record. Finisar
intends to supplement its previous submission to Nasdaq to include the Form
10-K in its pending request for additional time to make required filings.
There can be no assurance that the Listing Council will grant Finisar's
request for continued listing. Pending a decision by the Listing Council,
Finisar's common stock will continue to be traded on the Nasdaq Global
Finisar Corporation (NASDAQ: FNSR) is a global technology leader for fiber
optic components and subsystems and network test and monitoring systems.
These products enable high-speed voice, video and data communications for
networking, storage and wireless applications over Local Area Networks
(LANs), Storage Area Networks (SANs), and Metropolitan Area Networks (MANs)
using Ethernet, Fibre Channel, IP, SAS, SATA and SONET/SDH protocols. The
Company is headquartered in Sunnyvale, California, USA. More information
can be found at www.finisar.com.
Contact Information: Contact:
Chief Financial Officer