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Nasdaq begins to delist Pemstar

From staff reports

Stock market officials are moving to delist Pemstar Inc. after the electronics manufacturer missed the deadline for filing its quarterly report with the Securities and Exchange Commission.

Pemstar has been withholding the second-quarter filing while investigating accounting discrepancies at its factory in Guadalajara, Mexico. It had been due Nov. 9.

The company this morning announced that the Nasdaq stock exchange has begun the process of delisting Pemstar for not meeting federal reporting requirements.

Beginning today, Nasdaq is adding an "E" to the end of Pemstar's trading symbol PMTR to signify the status.

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The company plans to file its quarterly report and announce results of its investigation on Nov. 30.

"Once the Form 10-Q is filed, the company anticipates that the Nasdaq delisting process will be terminated," Pemstar said in a written release.

Executives did not describe the probe in detail, but said as much as $6 million in problem accounting entries may be involved. It was expected to affect past reporting periods primarily.

The company announced its second-quarter numbers, but did not provide year-ago comparisons in a public announcement on Nov. 4.

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