Pegasus Faces Delisting Over Filing Gaffe

Sep 3, 2004  •  Post A Comment

Pegasus Communications Corp., the media company that sold its satellite TV business to DirecTV Group last month, began trading under a new ticker symbol Friday and could face delisting following a determination by the NASDAQ Stock Market that the company violated a trading rule. The company now trades on the NASDAQ under the symbol “PGTVE.”

The violation centers on a quarterly filing called a 10-Q, made by the company with the Securities and Exchange Commission last month. In that filing, the company did not mention that an independent audit of the company’s investment in a group of limited partnerships had not yet been completed.

Pegasus officials claim the discovery of the incomplete audit came two days after the company filed its quarterly report, and immediately reported it to the SEC in another filing.

NASDAQ officials called the 10-Q the company filed a delinquent SEC filing and said it violated the exchanges trading rules. The exchange also informed Pegasus that it could face delisting.

Pegasus said it plans to appeal the determination and is expected to have a hearing on the matter within 45 days.