The New York Stock Exchange informs MSC.Software it's reviewing MCS's continued listing on the Exchange because of MCS's failure to file its annual report for the year ending Dec 31'03. MSC is attempting to file the annual report by the end of March.
Back in October, MSC reported it would have to restate its financial statements for fiscal periods following January 1, 2001. An independent review was launched by MSC's audit committee, and delivered a preliminary report on Dec 31'04.
"The Exchange has informed the Company that it is prepared to continue the listing of the Company's common stock at this time, subject to ongoing review. The Exchange will formally re-evaluate all facts by January 31, 2005. The Exchange has stated that, if by the time of its re-evaluation it is determined that the Company will not be able to file its Annual Report by March 31, 2005, the Exchange will move forward with the initiation of suspension procedures."