Cinar Stock To Be Delisted
At the end of June, before a securities commission, Cinar Corp. will have to defend why they feel their stock should not be delisted from stock exchanges in Canada and the U.S. The Montreal-based childrens producer has dates to appear with the Ontario Securites Commission on June 30 and with the Nasdaq exchange sometime next month to reveal the reason behind why the firm has been unable to file its financial statements since the period ended November 30, 1999. The companys stock has not traded on both the Toronto and Nasdaq exchanges since March 9, 2000 due to a police investigation into allegations of tax fraud and financial mismanagement. Cinars internal investigators have long been insisting that they may be unable to finish reworked financial reports by the June 30 deadline. Since the scandal broke Cinar has reported that they will have to restate financial results as far back as the beginning of 1997. In addition, Cinar has also announced that once their restated financial reports are released they will seek new credit lines because the company has discontinued their old credit lines, which they have not drawn funds from since March 10.