Marvell Technology (Nasdaq: MRVL ) was supposed to grace us with its latest quarterly report last night, replete with financial statements and management discussion of the results. We didn't quite get that. Instead, the semiconductor company issued a press release with an estimated revenue number and three sentences of explanation from the CEO.
Now, the revenue total wasn't half bad, if the preliminary figure is anything to go by. $574 million of sales is 47% better than the year-ago mark and up 10% over the last quarter. Any further financial detail will have to wait until the conclusion of the special committee review of the company's stock option accounting practices, and management does not expect to have that ready for the Sept. 7 deadline set by the SEC.
That's one more body in the line of missed earnings deadlines lately, and it's all due to options accounting issues. It seems to take a very long time to straighten these things out, causing the Nasdaq to send out a veritable snowstorm of delisting notices. This week's victims -- or perpetrators, depending on how you see it -- include Quest Software (Nasdaq: QSFT ) , F5 Networks (Nasdaq: FFIV ) , Rambus (Nasdaq: RMBS ) , and Rule BreakerCNET Networks (Nasdaq: CNET ) . Even mighty Apple (Nasdaq: AAPL ) has received a warning of delisting for the same reason as all the others.
Marvell hasn't gotten a notice yet, but there's one in the making. The above list just skims off the top -- I counted 14 Nasdaq noticed in the past week, and that screen blocks out the penny-stock crowd, which gets these warnings all the time for other reasons.
Now, I'd be surprised to see any of these companies actually kicked down to the Bulletin Boards, since the Nasdaq has appeals procedures and other means of working things out before taking that drastic step. But the lack of financial data makes it tough to make informed investment decisions about any of these stocks, and we'd all do best not to trade them much until we know more. Consider this a "hold" recommendation from this Fool on all companies unable to complete earnings releases on time. That includes Marvell.
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