MedQuist has received notice that its common stock will be delisted from the Nasdaq National Market at the start of business on Wednesday June 16.
In addition, the firm's common stock is not eligible to be quoted on the Over-the-Counter Bulletin Board because it is not current in its SEC periodic reporting obligations under the Securities Exchange Act of 1934, MedQuist said.
The company's board of directors and its outside auditor are currently working with outside counsel and independent auditors to complete an internal investigation of its billing practices in order to finalize the firm's audited financial statements, which would enable it to file its Form 10-K, Form 10-Q, and other SEC-required periodic filings, the company said.
Marlton, NJ-based MedQuist operates a network of transcriptionists, and also provides digital dictation and speech recognition services. In 2001 the company bought the medical transcription division of troubled speech recognition firm Lernout & Hauspie. Almost 71% of MedQuist is owned by Philips Electronics of the Netherlands, the parent company of Philips Medical Systems.
By AuntMinnie.com staff writersJune 15, 2004
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