The New York Stock Exchange has delisted the storage vendor Quantum for failure to file accounts.
The company’s self-inflicted accounting mess is to blame. Quantum wrongly recognised up to $60m in revenues for fiscal 2015-2017, rendering incorrect many filed quarterly SEC reports.
The stock exchange suspended Quantum on January 15 after the company said it would miss its deadline to refile and get up to date. Quantum stock now trades under the symbol “QMCO” on the OTC Pink exchange.
Quantum says there is no risk to financial stability as it completed a $210m refinancing package last month.
Jamie Lerner, Quantum chairman and CEO, said in a statement that Quantum’s delisting does “not reflect on the financial health of the company, which, as indicated by our recently announced refinancing, continues to improve. We will work diligently to complete our required filings and resolve our delisting as quickly as possible.”
He did not provide a timescale for completing the required filings.