MRV Dropped From Nasdaq

Chatsworth-based MRV Communications has been dropped from the NASDAQ Stock Market, the firm said this morning, saying that it has failed to demonstrate compliance with various Nasdaq Marketplace Rules around filing of quarterly and annual reports. The delisting came as a result of a restatement of the firm's financial statements. MRV said in June of 2008 that it was conducting an investigation of the firm's historical stock option granting process; that investigation has prevented the firm from releasing financial statements, filing reports, or holding its annual stockholders. The Nasdaq had given MRV until June 15th, 2009 to bring its statements up to date--MRV said it wasn't able to meet that deadline, and is still working with its outside auditors on the restatement. In the meantime, MRV said it will trade on the Pink Sheets and over the counter markets.