SVB Financial Group Reports Nasdaq Notification Regarding Overdue Form 10-Q Filing for Third Quarter
2005年11月22日 - 6:03AM
PRニュース・ワイアー (英語)
SANTA CLARA, Calif., Nov. 21 /PRNewswire-FirstCall/ -- SVB
Financial Group (NASDAQ:SIVBE) announced today it has received a
notice from The Nasdaq Stock Market, indicating that there is
additional basis for the Company's securities to be subject to
delisting since the Company is not in compliance with Nasdaq
qualification requirements under Nasdaq Marketplace Rule
4310(c)(14) due to the delayed filing of its Form 10-Q for the
fiscal quarter ended September 30, 2005. The Company previously
filed a notice of late filing with the Securities and Exchange
Commission with respect to its third quarter Form 10-Q on November
9, 2005. Nasdaq Marketplace Rule 4310(c)(14) requires that all
required reports be timely filed with the SEC. As previously
disclosed, the Company received a similar notice from Nasdaq in
August 2005 due to the delayed filing of its Form 10-Q for the
fiscal quarter ended June 30, 2005. Consequently, the Company
attended an appeal hearing before a Nasdaq Listing Qualifications
Panel to review the delisting determination. The Panel has
determined to continue the listing of the Company's securities so
long as the Company files all of its required reports with the SEC
on December 28, 2005, including all restated financials and
quarterly reports through the fiscal quarter ended September 30,
2005. Also, as previously disclosed, the Company plans to restate
its consolidated financial statements for the years 2001, 2002,
2003 and 2004 and the first quarter of 2005 due to a revision in
the accounting treatment for its portfolio of unexercised warrant
securities in privately-held companies. In connection with the
restatement process, the Company is also reviewing and modifying,
where appropriate, its accounting policies and practices. While the
Company is working diligently to complete the restatement and
accounting review process as soon as practicable in order to permit
the completion and filing of its Form 10-Q for the quarters ended
June 30, 2005 and September 30, 2005, there can be no assurance
that the Company will file all of its required reports by December
28, 2005. About SVB Financial Group For more than twenty years, SVB
Financial Group, formerly Silicon Valley Bancshares, has been
dedicated to helping entrepreneurs succeed. SVB Financial Group is
a financial holding company that serves emerging growth and mature
companies in the technology, life science, private equity and
premium wine industries. Headquartered in Santa Clara, Calif., SVB
Financial Group provides clients with commercial, investment,
international and private banking services. The Company also offers
funds management, broker-dealer transactions, asset management and
a full range of services for private equity companies, as well as
the added value of its knowledge and networks worldwide. More
information on the Company can be found at http://www.svb.com/.
Safe Harbor This release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including without limitation, the statements made above about
the Company's intention to file its Quarterly Report on Form 10-Q
for the second and third quarters of fiscal 2005 and the Company's
process for restating its financial statements and accounting
review. Management has in the past and might in the future make
forward-looking statements orally to analysts, investors, the media
and others. Forward-looking statements are statements that are not
historical facts. Although management believes that the
expectations reflected in these forward-looking statements are
reasonable, and it has based these expectations on its beliefs, as
well as its assumptions, such expectations may prove to be
incorrect. Actual results could differ significantly from those
expressed in or implied by management's forward-looking statements,
due to the inherent difficulties and challenges the Company faces
in completing its proposed restatement, its accounting review and
its second and third quarter Form 10- Qs, the potential for
unexpected difficulties or timing delays to occur in the
restatement and review process, the process of completing and
filing the Company's second and third quarter Form 10-Qs, and the
potential delisting of the Company's securities, as well as changes
in economic, business and regulatory factors and trends. All
subsequent written or oral forward-looking statements attributable
to the Company or persons acting on its behalf are expressly
qualified in their entirety by these cautionary statements. The
forward-looking statements included in this release are made only
as of the date of this release. The Company does not intend, and
undertakes no obligation, to update these forward-looking
statements. DATASOURCE: SVB Financial Group CONTACT: Lisa Bertolet,
Investor Relations, +1-408-654-7282, or Meghan O'Leary, Public
Relations, +1-408-654-6364, both of SVB Financial Group Web site:
http://www.svb.com/
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