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Thursday, Nov 30, 2023

En Pointe, MRV Get Nasdaq Warnings

En Pointe Technologies Inc. and MRV Communications Inc. said separately they had received letters from the Nasdaq Stock Market warning that both technology companies are not in compliance with its rules.

Gardena-based En Pointe, which provides business-to-business information technology products and services, said Thursday that Nasdaq staff wrote that its 10-K annual report for the 2008 fiscal year ended Sept. 30 lacked a completed description of its internal controls over financial reporting.

The company said it was unable to complete the evaluation of its financial and information technology controls due to limited resources, but hoped to submit the required information by March 6.

Chatsworth-based MRV said late Wednesday that Nasdaq warned that the company was in non-compliance because it did not solicit proxies and hold an annual meeting for its 2007 fiscal year before the Dec. 31, 2008 deadline.

MRV had been warned over failure to file its 10-Q reports for the quarters ended June 30, 2008 and September 30, 2008 by the required deadlines. The company said it is appealing to a Nasdaq panel for more time.

En Pointe shares closed down less than 1 cent, or less than 1 percent, to 80 cents on Thursday. MRV shares closed up 6 cents, or 9 percent, to 75 cents.

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