Pegasus Communications Corp. said it has been informed by the NASDAQ National Market System that it could face delisting from the exchange after an accounting glitch rendered its most recently quarterly financial filing inadequate. As a result, Pegasus’ stock symbol was changed from “PGTV” to “PGTVE” Friday.
According to a statement, Pegasus said that its independent accountants had not finished a review of investments Pegasus made in a limited partnership, Pegasus PCS Partners, when the company filed its 10-Q report last month. The company said it was not aware the review was not completed until two days after it filed the 10-Q with the Securities and Exchange Commission and notified the agency in later filings.
Nevertheless, NASDAQ notified Pegasus that it considers the 10-Q filing to be delinquent and could delist the company’s stock from the exchange.
Pegasus, which agreed to sell its assets to DirecTV Group Inc. in August for about $875 million in cash, said it has requested a hearing before the NASDAQ Listing Qualifications Panel to review the exchange’s decision. That hearing is expected to take place within 45 days.