By Mark Scott
Buffalo, NY – NASDAQ is warning Adelphia Communications that it may "de-list" the company from its stock index unless it files its annual 10-K financial report soon.
Adelphia missed this week's extended deadline for filing the report with the Securities and Exchange Commission. In response, the SEC announced its was undertaking a "formal" investigation of the company's financial problems.
Adelphia has requested a hearing before the Nasdaq listing qualifications panel.
Adelphia stock continues to drop. Adelphia stock closed down 78-cents Friday at $6.28.