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Cirrus Logic Receives Nasdaq Notice Regarding Delayed Filing of Form 10-Q

AUSTIN, Texas – Cirrus Logic Inc. today announced that it received on November 10, 2006 a Nasdaq Staff Determination letter stating that the company is not in compliance with the continued listing requirements of Nasdaq Marketplace Rule 4310(c)(14) because it has not timely filed with the Securities and Exchange Commission (the “SEC”) its Quarterly Report on Form 10-Q for the quarter ended Sept. 23, 2006. The company plans to request a hearing before a Nasdaq Listing Qualifications Panel (the “Panel”) to review the Staff Determination. Pending a decision by the Panel, shares of Cirrus Logic’s common stock will continue to be listed on the Nasdaq Global Select Market.

As previously announced, Cirrus Logic’s Board of Directors has formed a Special Committee to voluntarily review the company's historical stock option granting practices and related accounting matters. Although the timeframe for completing the Special Committee's internal review is uncertain, Cirrus Logic remains committed to resolving these issues as quickly as possible. The company plans to file with the SEC its Form 10-Q for the second quarter of fiscal year 2007 as soon as practicable following the conclusion of the Special Committee's review.

Miércoles, 15 Noviembre, 2006 - 10:31
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