Nasdaq to delist WorldCom

Troubled telecommunication carrier WorldCom Inc. Monday said it will be delisted from the Nasdaq Stock Market before the opening of trading on Tuesday.

The Nasdaq Listing Qualification Panel sent a letter to the Clinton, Miss., company saying it would delist the company’s stocks on Tuesday, WorldCom said in a statement. The panel cited concerns over the company’s bankruptcy and the pending restatement of its results from 2001 and the first quarter of 2002, according to WorldCom.

The delisting extends to WorldCom’s tracking stock for its MCI Group subsidiary. Nasdaq will delist WorldCom Group Common Stock, MCI Group Common Stock and MCI Group’s 8 Percent Cumulative Quarterly Income Preferred Securities, Series A, according to the statement. WorldCom said it expects those securities to trade on the over-the-counter market, or “pink sheets,” under the symbols WCOEQ, MCWEQ and MCPEQ, respectively.

WorldCom in June disclosed accounting irregularities that amounted to nearly US$4 billion, and the company now faces several investigations and lawsuits over its accounting practices. On July 21 it filed for protection under Chapter 11 of the U.S. Bankruptcy Code but continued operating.

Also Monday, the company shook up its executive ranks, naming a new chief financial officer and chief restructuring officer, the company said in a separate statement.

Would you recommend this article?

Share

Thanks for taking the time to let us know what you think of this article!
We'd love to hear your opinion about this or any other story you read in our publication.


Jim Love, Chief Content Officer, IT World Canada

Featured Download

Featured Articles

Cybersecurity in 2024: Priorities and challenges for Canadian organizations 

By Derek Manky As predictions for 2024 point to the continued expansion...

Survey shows generative AI is a top priority for Canadian corporate leaders.

Leaders are devoting significant budget to generative AI for 2024 Canadian corporate...

Related Tech News

Tech Jobs

Our experienced team of journalists and bloggers bring you engaging in-depth interviews, videos and content targeted to IT professionals and line-of-business executives.

Tech Companies Hiring Right Now