UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (date of earliest event reported):
July 9, 2007
Finisar Corporation
(Exact name of registrant as specified in its charter)
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Delaware
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000-27999
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94-3038428 |
(State or other jurisdiction of
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(Commission File No.)
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(I.R.S. Employer Identification No.) |
incorporation) |
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1389 Moffett Park Drive
Sunnyvale, CA 94089
(Address of principal executive offices)
Registrants telephone number, including area code:
(408) 548-1000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
TABLE OF CONTENTS
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer
of Listing.
On July 9, 2007, Finisar Corporation (Finisar) received a written Additional Staff
Determination notice from The Nasdaq Stock Market (Nasdaq) stating that Finisar is not in
compliance with Nasdaqs Marketplace Rule 4310(c)(14)
because it did not timely file its annual report on
Form 10-K for the fiscal year ended April 30, 2007 (the Form 10-K) and, therefore, that its
common stock is subject to delisting from the Nasdaq Global Select Market. Finisar issued a press
release on July 12, 2007 disclosing its receipt of this notice from Nasdaq. A copy of the press
release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
On June 29, 2007,
Finisar filed a Form 12b-25 with the Securities and Exchange Commission
reporting that it had delayed filing the Form 10-K report pending the completion of a review of its
historical stock option grant practices being conducted by the Audit Committee of its Board of
Directors. Finisar plans to file the Form 10-K report as soon as practicable following the
conclusion of the review. The information in Finisars Form 12b-25 is incorporated by reference
herein.
Finisar had previously
received similar Staff Determination notices with respect to its
failure to timely file its quarterly reports on Form 10-Q for the quarters ended October 29, 2006
(the October 10-Q) and January 28, 2007 (the January 10-Q). In response to
the original Staff
Determination notice, Finisar requested a hearing before the Nasdaq Listing Qualifications Panel
(the Panel), which was held on February 15, 2007. At
the hearing, Finisar requested that its
common stock continue to be listed pending completion of the Audit Committees review of Finisars
stock option grant practices, the preparation of restated financial statements, if required, and
the filing of the October 10-Q. Finisar supplemented its request to cover the delayed filing of
the January 10-Q.
The Panel issued a
decision on April 4, 2007, granting Finisar an extension of time to June
11, 2007 to file its October 10-Q and any required restatements of its financial statements and an
extension of time to July 3, 2007 to file its January 10-Q. Finisar appealed the Panels decision
to the Nasdaq Listing and Hearing Review Council (the Listing Council) and requested that the
Listing Council stay the Panels decision, and any future Panel decisions to delist Finisars
securities, pending appeal, and grant Finisar an extension of time to come into compliance with its
reporting obligations until at least August 31, 2007. The Listing Council has called for review
and stayed the April 4, 2007 decision of the Panel. The Listing Council has requested that Finisar
make an additional submission for its consideration
by August 10, 2007. The Listing Council will then review the matter on the basis of the written
record. Finisar intends to supplement its previous submission to Nasdaq to include the Form 10-K
in its pending request for additional time to make required filings. There can be no assurance
that the Listing Council will grant Finisars request for continued listing. Pending a decision by
the Listing Council, Finisars common stock will continue to be traded on the Nasdaq Global Select
Market.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
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Exhibit No. |
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Description |
99.1
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Press release issued by Finisar Corporation dated July 12, 2007. |
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