Nasdaq Board of Directors Grants Stay to BEA Systems
SAN JOSE, CA – August 20, 2007 – BEA Systems, Inc., a world leader in enterprise infrastructure software, today announced that on August 17, 2007, it received a letter from the Board of Directors of The NASDAQ Stock Market LLC (the “Nasdaq Board”) informing BEA that the Nasdaq Board has called for review the July 9, 2007 decision of the Nasdaq Listing and Hearing Review Council (the “Listing Council”), and determined to stay, pending further review by the Nasdaq Board, the Listing Council’s decision to suspend BEA’s common stock from trading on The Nasdaq Global Select Market. The Listing Council had previously determined to suspend BEA’s securities from trading on August 23, 2007 if BEA did not file its delayed quarterly and annual reports with the Securities and Exchange Commission by August 21, 2007. Accordingly, BEA’s securities will remain listed on The Nasdaq Global Select Market during the review by the Nasdaq Board.
As previously disclosed, in August 2006, the Audit Committee of BEA’s Board of Directors initiated a review of BEA’s historical stock option grants. On December 4, 2006, BEA announced that it expected changes in certain stock option measurement dates to result in material, non-cash compensation expenses, and, therefore, that its previously issued financial statements should no longer be relied upon and that it would restate its financial statements as necessary. On February 14, 2007, BEA announced the principal conclusions of the Audit Committee’s review. BEA is working with its independent auditors, Ernst & Young LLP, to complete its restatement, and thereafter intends to seek comments from the Office of the Chief Accountant at the Securities and Exchange Commission (the “OCA”). BEA intends to file its delayed quarterly reports on Form 10-Q for the quarters ended July 31, 2006, October 31, 2006 and April 30, 2007, and its delayed annual report on Form 10-K for fiscal year ended January 31, 2007, which will incorporate its restated financial statements, as soon as practicable after receiving comments from the OCA. However, there can be no assurance that that any review by the Nasdaq Board will be favorable to BEA or that BEA’s common stock will remain listed on The Nasdaq Global Select Market.
About BEA
BEA Systems, Inc. (Nasdaq: BEAS) is a world leader in enterprise and communications infrastructure software. Information about how BEA is enabling customers to transform their business by building a Liquid Enterprise™ can be found at www.bea.com.
Source: BEA Systems, Inc.
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