Friday, February 15, 2008

Aspen Technology delisted from Nasdaq

Days after requesting an extension to file earnings reports, Aspen Technology Inc. reports that Nasdaq has delisted the company's securities.

Aspen Technology (Nasdaq: AZPN) plans to suspend trading of its stock at the opening of trading on Feb. 19. The company may request that the Nasdaq Listing and Hearing Review Council review the delisting decision, officials at Burlington-based Aspen Technology said.

After Nasdaq suspends trading, company officials expect that the common stock will be quoted on the Pink Sheet Electronic Quotation Service. The company expects that the trading symbol of its common stock will remain the same at AZPN.

Aspen Technology, which provides software and services to process industries, was founded in 1981. The company employs 1,292 workers,

Earlier this week, Aspen Technology reported that it was in the final stages of completing the comprehensive reviews necessary to meet its outstanding filing requirements for the fiscal year ended June 30, 2007, and its quarterly period ended Sept. 30, 2007.

The delay was due to the firm's need to restate certain historical financial statements, officials said. The company reported in June 2007 that it had uncovered accounting errors affecting its balance sheet over the previous two years. Specifically, the errors involved "sales of installments receivable," according to Aspen.

For 2006, Aspen Technology reported $12.8 million in profit on revenue of $293 million.