SANTA CLARA, Calif.,
Nov. 16, 2011 /PRNewswire/ --
Advanced Analogic Technologies, Inc. ("AnalogicTech" or the
"Company") (Nasdaq: AATI), today announced that it received on
November 11, 2011 a Nasdaq Staff
Determination letter stating that the Company is not in compliance
with the continued listing requirements of Nasdaq Marketplace Rule
5250(c)(1).
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As anticipated, the letter was issued in accordance with Nasdaq
rules due to the delayed filing of the Company's Form 10-Q for the
quarter ended September 30, 2011. The
Nasdaq letter directs the Company to submit a plan to regain
compliance with the continuing listing requirements by January 10, 2012, and AnalogicTech expects to
address Nasdaq's notice through the filing of its Form 10-Q or by
submitting a compliance plan to Nasdaq within such timeframe.
As previously announced, AnalogicTech is unable to file its Form
10-Q for the quarterly period ended September 30, 2011, because of certain
allegations made by Skyworks Solutions, Inc. ("Skyworks") (Nasdaq:
SWKS) regarding AnalogicTech's accounting practices in connection
with arbitration proceeding in the Delaware Court of Chancery. The arbitration is
set to begin November 28, 2011.
Although the outcome of the arbitration is uncertain,
AnalogicTech stands behind its financial statements and accounting
practices and believes Skyworks' allegations are without merit.
However, out of an abundance of caution, the Audit Committee of
AnalogicTech's Board of Directors will conduct an internal review
of the allegations prior to the filing of the Company's Form
10-Q.
About Advanced Analogic Technologies, Inc.
Advanced Analogic Technologies Incorporated (AATI), or
AnalogicTech, develops advanced semiconductor system solutions that
play a key role in the continuing evolution of feature-rich, energy
efficient electronic devices. The company focuses on addressing the
application-specific power management needs of consumer devices
such as mobile handsets, digital cameras, tablets, notebooks, TV
and LCD displays as well as devices in a broad range of industrial,
medical and telecom applications. AATI also licenses device,
process, package, and application-related technologies.
Headquartered in Silicon Valley, AATI has design centers in
Santa Clara and Shanghai, and Asia-based operations and logistics. For more
information, please visit www.analogictech.com.
SOURCE Advanced Analogic Technologies, Inc.