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HomeNewsIndustryA10 Networks fails to file FY17 report due to ongoing investigation, NYSE sent notice

A10 Networks fails to file FY17 report due to ongoing investigation, NYSE sent notice

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Due to on investigation company is delaying the filing

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firm has received notice from the New York Stock Exchange for failing to file Annual Report on Form 10-K for the fiscal year ended December 31 to the Securities and Exchange Commission. Every company listed on under Section 802.01E of the NYSE Listed Company Manual has to comply with stock exchange listing requirements which is timely filing of Annual Report on Form 10-K for the fiscal year.

A10 Networks attributes the delay to an ongoing investigation regarding certain revenue recognition and internal control matters focused on the time period of the fourth quarter of 2015 through the fourth quarter of 2017 inclusive. Company informed that an Audit Committee of the company's board of directors, with the assistance of outside counsel, is currently conducting an investigation regarding certain revenue recognition and internal control matters. “The Audit Committee has not reached any conclusions because the investigation is ongoing. Consequently, the company is not in a position to file the Form 10-K until after the completion of the Audit Committee's investigation,” said A10 Networks.

As per the NYSE rules, the company will have six months from April 2, 2018 to file the Form 10-K with the SEC. The company can regain compliance with the NYSE's continued listing requirements at any time prior to such date by filing the Form 10-K with the SEC. If the company fails to file the Form 10-K by the NYSE's six-month compliance deadline, then the NYSE may grant, at its sole discretion, a further extension of up to six additional months for the company to regain compliance, depending on the specific circumstances.

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Sanjay Singh
Sanjay Singh
Sanjay Singh covers startups, consumer electronics and telecom for TechObserver.in
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