|[August 17, 2014]
Logitech Granted Nasdaq Extension for Compliance with Listing Rule
NEWARK, Calif. & LAUSANNE, Switzerland --(Business Wire)--
Logitech (News - Alert) International (SIX: LOGN) (Nasdaq: LOGI) today announced two
procedural steps related to the delay in filing its FY 2014 10-K and Q1
FY 2015 10-Q with the U.S. Securities and Exchange Commission (SEC (News - Alert)).
First, the Company has been granted an exception by Nasdaq, extending
the deadline to October 15, 2015 for complying with Listing Rule
5250(c)(1) by filing its 10-K and 10-Q. The exception was granted by
Nasdaq based on a compliance plan submitted by Logitech in response to a
previously announced Nasdaq request.
Second, as expected, Nasdaq issued a non-compliance notice regarding
Logitech's delay in filing its 10-Q for the first quarter of FY 2015.
The Q1 filing cannot be completed until the 10-K is filed. This notice
also relates to Listing Rule 5250(c)(1), which requires the timely
filing of these reports with the SEC. Nasdaq also requested an update to
Logitech's original compliance plan.
The Nasdaq notices have no immediate effect on the listing or trading of
Logitech's common stock on the Nasdaq Global Select Market. Logitech is
working to complete and file both the 10-K and the 10-Q as soon as
possible prior to the Nasdaq deadline of October 15, 2014, following the
completion of an investigation of certain accounting matters related the
Company's previously issued financial statements and additional work
necessary to file the 10-K and the 10-Q.
Logitech is a world leader in products that connect people to the
digital experiences they care about. Spanning multiple computing,
communicaion and entertainment platforms, Logitech's combined hardware
and software enable or enhance digital navigation, music and video
entertainment, gaming, social networking, audio and video communication
over the Internet, video security and home-entertainment control.
Founded in 1981, Logitech International is a Swiss public company listed
on the SIX Swiss Exchange (LOGN) and on the Nasdaq Global Select Market
This press release contains forward-looking statements within the
meaning of the federal securities laws, including, without limitation,
statements regarding: Logitech's plans and timing to file the 10-K and
10-Q and to regain compliance under the Nasdaq listing rules. The
forward-looking statements in this release involve risks and
uncertainties that could cause Logitech's actual results and events to
differ materially from those anticipated in these forward-looking
statements, including, without limitation: the timing and results of the
independent investigation and accounting issues discussed in the May 21,
2014 and July 23 press releases; whether a restatement of financial
results will be required for those or other accounting issues for any
period; if Logitech is unable to satisfy regulatory requirements
relating to internal controls or if our internal control over financial
reporting is not effective; if Nasdaq does not accept Logitech's updated
compliance plan or otherwise adversely affects the listing or trading of
Logitech's shares; the effect on Logitech's business, share price and
volatility as a result of the accounting issues or the reactions to such
events by customers, suppliers or investors. A detailed discussion of
these and other risks and uncertainties that could cause actual results
and events to differ materially from such forward-looking statements is
included in Logitech's periodic filings with the Securities and Exchange
Commission, including our Quarterly Report on Form 10-Q for the fiscal
quarter ended December 31, 2013 and our Amended Annual Report on Form
10-K/A for the fiscal year ended March 31, 2013, available at www.sec.gov,
under the caption Risk Factors and elsewhere. Logitech does not
undertake any obligation to update any forward-looking statements to
reflect new information or events or circumstances occurring after the
date of this press release.
Logitech, the Logitech logo, and other Logitech marks are registered in
Switzerland and other countries. All other trademarks are the property
of their respective owners. For more information about Logitech and its
products, visit the company's Web site at www.logitech.com.
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