Nasdaq notifies Overstock it violated listing rule

AP News
Posted: Nov 20, 2009 6:22 PM Inc. said Friday that it received a listing rule violation letter Thursday from the Nasdaq Stock Market related to the recent filing of its third-quarter report.

The online retailer said Nasdaq informed the company that its Form 10-Q violated Nasdaq rules because it was not reviewed in accordance with an auditing standard. Nasdaq also told the company its report did not have some certifications required by the Sarbanes-Oxley anti-fraud law.

Overstock said it has until Jan. 18 to send Nasdaq its plan to regain compliance with the listing rules, and if Nasdaq accepts the plan the company will have until May 17 follow it.

Overstock said it expected the notification.

It believes its plan will be accepted and anticipates regaining compliance on time.