Mercury Interactive Corporation Receives Notice From NASDAQ
January 03 2006 - 6:45AM
PR Newswire (US)
-- Company's Stock to be Delisted From The NASDAQ National Market
on January 4, 2006 MOUNTAIN VIEW, Calif., Jan. 3
/PRNewswire-FirstCall/ -- Mercury Interactive Corporation
(NASDAQ:MERQE) today announced that its stock will be traded on the
Pink Sheets after receiving notification from NASDAQ that the
Company's stock will be delisted from The NASDAQ National Market
effective as of the opening of business on January 4, 2006. The
Company expects its trading symbol to revert to MERQ effective with
the move to the Pink Sheets, beginning on January 4, 2006. Mercury
is committed to regaining compliance with all NASDAQ filing
requirements and obtaining relisting of its common stock on NASDAQ
in a timely manner. The Company was advised that the NASDAQ Listing
Qualifications Hearing Panel did not believe it has the authority
to grant the Company's request to relist Mercury's common stock on
an expedited basis under The NASDAQ National Market maintenance
standards once the Company fulfills its filing requirement and
demonstrates compliance with all other initial listing standards
for The NASDAQ National Market. The Company may request that the
NASDAQ Listing and Hearing Review Council review the Panel's
decision. The Company has not determined at this time whether it
will request further review. On December 27, 2005, Mercury reported
that it had notified NASDAQ that because of the significant volume
of work involved in completing its financial restatements the
Company would be unable to meet the January 3, 2006 deadline set by
NASDAQ for it to be in full compliance with NASDAQ listing
requirements. The Company announced that it believes that it has
made substantial progress in the completion of its restatement
efforts. The Company also stated that it has strong visibility into
the required steps to ensure that the Company's restated financials
meet NASDAQ requirements and are thorough, complete and accurate.
About Mercury Mercury Interactive Corporation, the global leader in
business technology optimization (BTO) software, is committed to
helping customers optimize the business value of information
technology. Founded in 1989, Mercury conducts business worldwide
and is one of the largest enterprise software companies today.
Mercury provides software and services for IT Governance,
Application Delivery, and Application Management. Customers
worldwide rely on Mercury offerings to govern the priorities,
processes and people of IT and test and manage the quality and
performance of business-critical applications. Mercury BTO
offerings are complemented by technologies and services from global
business partners. For more information, please visit
http://www.mercury.com/. Forward Looking Statements This press
release contains "forward-looking statements" under the Private
Securities Litigation Reform Act of 1995 that reflect Mercury's
judgment and involve risks and uncertainties as of the date of this
release. These forward looking statements include those related to
compliance with the NASDAQ Listing Qualifications Panel
requirements, the completion of the restatement of Mercury's
financial statements, the filing of delinquent reports on Forms
10-Q, the delisting of Mercury's securities and the quotation of
Mercury's securities on the Pink Sheets. Actual events or results
may differ materially from the results predicted or from any other
forward-looking statements made by, or on behalf of, Mercury and
should not be considered as an indication of future events or
results. Potential risks and uncertainties include, among other
things: 1) the timing of completion of the Company's review,
restatement and filing of its historical financial statements and
the filing of its Forms 10-Q for the second and third quarters of
fiscal year 2005, 2) the impact of the expensing of stock options
and stock purchases under Mercury's employee stock purchase program
pursuant to Financial Accounting Standards Board's Statement 123
including, without limitation, the impact of the restatement, 3)
the impact of the resignations of Amnon Landan, Douglas Smith and
Susan Skaer, 4) the possibility that the trustee for Mercury's Zero
Coupon Senior Convertible Notes due 2008 (the 2003 Notes) and 4.75%
Convertible Subordinated Notes due 2007 (the 2000 Notes and,
together with the 2003 Notes, the Notes) or the holders of at least
25% of the outstanding principal amount of the 2000 or the 2003
Notes may, if the Company does not file its historical financial
statements and periodic reports by March 31, 2006, cause
acceleration of repayment of the entire principal amount and
accrued interest on such Notes, 5) the nature and scope of the
ongoing SEC investigation, 6) the risk that the Company will not
achieve relisting on The NASDAQ National Market, 7) the effect of
any third party litigation arising out of the Special Committee
investigation, 8) costs incurred by Mercury in connection with the
Special Committee investigation and the SEC investigation, and 9)
the additional risks and important factors described in Mercury's
SEC reports, including the Quarterly Report on Form 10-Q for the
fiscal quarter ended March 31, 2005, which is available at the
SEC's website at http://www.sec.gov/ . All of the information in
this press release is made as of January 3, 2006, and Mercury
undertakes no duty to update this information. NOTE: Mercury,
Mercury Interactive and the Mercury logo are trademarks of Mercury
Interactive Corporation and may be registered in certain
jurisdictions. Other product and company names are used herein for
identification purposes only, and may be trademarks of their
respective companies. DATASOURCE: Mercury Interactive Corporation
CONTACT: investors, Michelle Ahlmann, +1-650-603-5464, or media,
Dave Peterson, +1-650-603-5231, both of Mercury Interactive
Corporation; or Paul Sherer of Ogilvy Public Relations,
+1-415-385-5970, for Mercury Interactive Corporation Web site:
http://www.mercury.com/
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