Cyberonics Regains Nasdaq Compliance

Houston, TX-based Cyberonics announced Tuesday it received a letter from the Nasdaq stock market confirming that the medical device manufacturer is in compliance with all the exchange’s rules, and its stock will continue to be listed, according to the Associated Press.

The company also said that with last week’s filing of its quarterly report for the period ended Oct. 27, it has now filed all previously delinquent reports to the Securities and Exchange Commission.

Cyberonics had received letters from the Nasdaq warning that the company was subject to delisting for failing to meet its filing requirements.

The medical device manufacturer in November said it would restate financial results from 2000 through January 2006 to correct improper stock options accounting, resulting in $10 million in non-cash expenses. The company’s CEO and chief financial officer resigned later that month.

Cyberonics is one of 106 companies currently under SEC or Justice Department scrutiny over its stock-option grants, and at least 94 other firms have launched or completed internal reviews into their stock options practices, according to an AP review.