BOSTON—Shares of Boston Communications Group Inc. continued to slide after the company received a letter from Nasdaq indicating it was not in compliance with Nasdaq’s requirements for continued listing.
BCGI, which develops billing software for mobile network operators, said it had anticipated the letter due to a delay in filing its second-quarter report. BCGI said the delay is due to its review of its stock-options practices in response to federal investigations. The company plans to request an extension for the filing.
“BCGI intends to file its Form 10-Q as soon as practicable,” the company said in a statement, “once conclusions are reached regarding the impact of the stock-option review on the company’s financial statements.”
Shares of BCGI fell 6 cents, or 3 percent, to $2 per share following the announcement. The company’s stock has steadily lost ground in the last three weeks as BCGI has struggled with decreasing revenues and the broadening stock-option investigations that have ensnared dozens of companies.
Meanwhile, VeriSign Inc. also acknowledged receiving a non-compliance letter from Nasdaq regarding a delayed quarterly report. Like BCGI, VeriSign said it will request an extension for the report, which has been delayed as it reviews its stock-option practices due to the investigations.
Shares of VeriSign slid 25 cents, or more than 1 percent, to $19.06 following the news.
