Dentsply Sirona received a notice of filing delinquency from Nasdaq after an ongoing internal investigation kept it from filing its first-quarter financial report.
Seven things to know:
1. On May 10, Dentsply Sirona released a preliminary financial report for the first quarter of 2022. The report stated the company was unable to file its report on the Securities and Exchange Commission's Form 10-Q because of an ongoing internal investigation by its audit and finance committee that launched in March.
2. The internal investigation is focusing on allegations regarding financial reporting matters submitted by current and former employees of the company.
3. The May 12 Nasdaq notice states Dentsply Sirona is no longer in compliance with the stock market's listing rules, which requires Nasdaq-listed companies to file periodic reports in a timely manner.
4. The dental supplier has 60 days to fix the noncompliance or submit a plan to Nasdaq showing how it intends to regain compliance, according to a May 19 news release.
5. If Nasdaq accepts the plan, it can grant the company an extension for shares of Dentsply’s common stock to remain listed for up to 180 calendar days from the quarterly report’s due date to regain compliance.
6. Dentsply said the notice has no immediate effect on the listing of its common stock on the Nasdaq Global Market.
7. On May 12, Bernstein Liebhard law firm announced it was also launching an investigation against Dentsply Sirona for possible violations of federal securities law.