Surebeam investigation re-scheduled
NASDAQ officials that a NASDAQ Listing Qualifications Panel has
rescheduled its hearing to September 25 to review issues related to
the late filing of the Company's Form 10-Q for the quarter ended
June 30, 2003.
Troubled food irradiation group, SureBeam has been notified by NASDAQ officials that a NASDAQ Listing Qualifications Panel has rescheduled its hearing to September 25 to review issues related to the late filing of the Company's Form 10-Q for the quarter ended June 30, 2003.
The company said that the hearing was postponed due to expected extreme weather conditions for the Washington, D.C. as a result of hurricane Isabel.
As a result the scheduled hearing, the automatic delisting of SureBeam's common stock from NASDAQ - required under current exchange rules - has been stayed pending the outcome of the hearing.
company is currently being investigated for suspected insider dealer by members of the executive board. It is suspected that the team bought up shares in the company in an effort to inflate the company's share price to an artificially high level.
Headquartered in San Diego, California, SureBeam Corporation operates processing service centers located in Iowa and Texas, US as well a Rio de Janeiro, Brazil. The Company is a provider of electron beam food safety systems and services for the food industry.
