Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced that,
as expected, the Company received a standard notice from Nasdaq stating
that Logitech is not in compliance with the Nasdaq listing rule that
requires timely filing of reports with the U.S. Securities and Exchange
Commission – Rule 5250(c)(1). The June 3, 2014 letter was sent as a
result of Logitech’s delay in filing its FY 2014 10-K for the year ended
March 31, 2014, which the Company announced on May 21, 2014.
The Nasdaq notice has no immediate effect on the listing or trading of
Logitech’s common stock on the Nasdaq Global Select Market. Under the
Nasdaq rules, the Company has 60 days to submit a plan to regain
compliance. If the plan is accepted, Logitech could be granted up to 180
days from the 10-K’s due date to regain compliance. The Company expects
to submit a plan to regain compliance within the timeline prescribed by
Nasdaq.
Logitech plans to file its 10-K as soon as possible, following the
completion of an investigation of certain accounting matters related to
the Company’s previously issued financial statements, and related work
necessary to file the 10-K.
About Logitech
Logitech is a world leader in products that connect people to the
digital experiences they care about. Spanning multiple computing,
communication and entertainment platforms, Logitech’s combined hardware
and software enable or enhance digital navigation, music and video
entertainment, gaming, social networking, audio and video communication
over the Internet, video security and home-entertainment control.
Founded in 1981, Logitech International is a Swiss public company listed
on the SIX Swiss Exchange (LOGN) and on the Nasdaq Global Select Market
(LOGI).
This press release contains forward-looking statements within the
meaning of the federal securities laws, including, without limitation,
statements regarding: Logitech’s plans and timing to file the 10-K and
to regain compliance under the Nasdaq listing rules. The forward-looking
statements in this release involve risks and uncertainties that could
cause Logitech’s actual results and events to differ materially from
those anticipated in these forward-looking statements, including,
without limitation: the timing and results of the independent
investigation and accounting issues discussed in the May 21, 2014 press
release; whether a restatement of financial results will be required for
those or other accounting issues for any period; if Logitech is unable
to satisfy regulatory requirements relating to internal controls or if
our internal control over financial reporting is not effective; if
Nasdaq does not accept Logitech’s compliance plan or otherwise adversely
affects the listing or trading of Logitech’s shares; the effect on
Logitech’s business, share price and volatility as a result of the
accounting issues or the reactions to such events by customers,
suppliers or investors. A detailed discussion of these and other risks
and uncertainties that could cause actual results and events to differ
materially from such forward-looking statements is included in
Logitech’s periodic filings with the Securities and Exchange Commission,
including our Quarterly Report on Form 10-Q for the fiscal quarter ended
December 31, 2013 and our Amended Annual Report on Form 10-K/A for the
fiscal year ended March 31, 2013, available at www.sec.gov,
under the caption Risk Factors and elsewhere. Logitech does not
undertake any obligation to update any forward-looking statements to
reflect new information or events or circumstances occurring after the
date of this press release.
Logitech, the Logitech logo, and other Logitech marks are registered in
Switzerland and other countries. All other trademarks are the property
of their respective owners. For more information about Logitech and its
products, visit the company’s Web site at www.logitech.com.
(LOGIIR)
Copyright Business Wire 2014