Teleglobe Faces Delisting From NASDAQ as FCPA Probe Continues
Teleglobe International Holdings Ltd. (Teleglobe), a Bermuda-based provider of international telecommunications services, today reported that it received a letter from NASDAQ indicating that the company may be delisted due to the failure to timely file its Form 10-Q for the second quarter of fiscal 2004.
On August 16, 2004, Teleglobe announced that it had identified and is investigating potential instances of noncompliance with the Foreign Corrupt Practices Act (FCPA) and is awaiting the conclusion of this investigation before issuing its financial statements for the second quarter of 2004. Teleglobe has engaged an outside law firm to investigate the FCPA matters and expects to file the 10-Q upon completion of the investigation. Teleglobe has indicated that it does not believe it is likely that any material adjustment to its financial statements is necessary as a result of the FCPA investigation.
|posted by Douglas N. Jacobson| Permalink 
