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NASDAQ Delists ClearOne

NASDAQ Delists ClearOne

ClearOne Communications said it has been told by NASDAQ that its securities will be delisted from the stock market effective Monday.
The company, once known as Gentner Communications, said it will seek to regain the listing and that it is working to make its filings with the SEC current. It recently formalized a management shakeup as well.
ClearOne said it would seek to arrange for market makers to quote its stock on the National Quotation Bureau’s Pink Sheets.
A few weeks ago, the company had expressed pleasure at a court ruling in its favor. A district court had rejected a motion by the Securities and Exchange Commission for preliminary injunction against ClearOne, which has denied allegations against it by the SEC.
This month, the company officially appointed Mike Keough as CEO and Greg Rand as president and COO. George Claffey remains as interim CFO. It earlier had suspended CEO Frances Flood and CFO Susie Strohm.
ClearOne and several officers also are the subject of lawsuits charging that it caused its shares to trade at artificially inflated levels by issuing false and misleading financial and press statements.
ClearOne is a provider of multimedia conferencing products and services. It moved out of the broadcast marketplace in recent years, selling or closing its remote control and telephone product lines that had been familiar to broadcasters under the Gentner name.