InfoGroup (formerly infoUSA) has brought itself in line with the listing standards of the Nasdaq Global Select Market, and will continue to be listed on the exchange, according to documents wiled with the Securities and Exchange Commission.
While the company had been violation of the exchange’s requirements since April due to not filing financial reports, the company was not delisted since being put on notice earlier this year. InfoGroup was unable to file the reports while it was conducting an internal investigation. The company submitted its filings in August.
But Nasdaq’s Listing Qualification Panel will issue a reprimand to the company. The reprimand, according to the SEC documents, stems from “the lack of appropriate market disclosure with respect to transactions between the Company and Mr. Vinod Gupta, its former chief executive officer, lack of oversight with respect to such transactions and a general lack of control that allowed these issues to occur.”
Gupta stepped down as infoGroup’s chairman in July, and relinquished his CEO title in August.
