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L90 Fights NASDAQ Delisting

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NEW YORK -- L90 is fighting a delisting notice from the Nasdaq, issued because of the agency's delay in filing its 2001 annual report. According to a statement, the online media and direct-marketing company intends to request a hearing before a Nasdaq Listings Qualifications Panel to continue the listing of its common stock.

Ten days ago, L90 said it would be unable to file its annual report until it had completed an internal review of its financial records.

The Los Angeles-based outfit, in response to an SEC probe, started an internal investigation in mid-March to determine whether it may have overstated or misstated revenues in the past [IQ Daily Briefing, March 13]. At issue are two transactions between L90 and Homestore.com in the second and third quarters of last year, any barter transactions involving the company and any other transactions of the similar nature.

The company says it hopes to complete the investigation and file its annual report before the date of a hearing with the Nasdaq panel. A hearing would postpone a delisting until the panel makes a determination.

Late last week, the Nasdaq also notified the company that its trading symbol has been changed from "LNTY" to "LNTYE." L90 stock was trading at $1.21 Monday, up one cent. Its 52-week high is $2.98; its 52-week low is 92 cents.