You're going on the board, THQ! Yesterday a New York law firm announced that it was cooking up a class-action lawsuit against THQ alleging that certain board members and executives improperly backdated their stock options. The publisher is already investigating its stock option granting practices, which has kept it from formally filing its second-quarter financial results.
That's a no-no for companies listed on the Nasdaq, and the publisher today confirmed that it received a warning letter from the stock exchange. However, THQ is going to seek a hearing before the Nasdaq Listing Qualification Panel that would let it remain listed for the time being.
Such warnings are not uncommon for those involved in stock-option investigations, because the companies typically refrain from filing financial results since they might have to restate them as soon as the investigation is over. Last week Activision reported receiving a similar warning.
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