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Vermillion Gets Nasdaq Warning

NEW YORK (GenomeWeb News) — Vermillion said after the close of the market Monday that it has received notice from the Nasdaq Stock Market that it is not in compliance with one of the requirements for continued listing.

Specifically, Nasdaq said that the company was not in compliance with the exchange's listing rule that companies hold an annual shareholder meeting no later than one year after the end of their fiscal year.

The notice said that unless Vermillion appeals the ruling, trading of its common stock will be suspended at the opening of business on Jan. 14, 2013.

Vermillion said that it planned to appeal the ruling and claimed that the meeting had been delayed due to a lawsuit brought last year against the company and its board of directors by the shareholders George Bessenyei and Robert Goggin.

As reported by Genomeweb Daily News sister publication ProteoMonitor, that suit, filed in the Court Chancery of the State of Delaware, sought to void a bylaw amendment passed by the board that eliminated a board seat and to halt Vermillion's annual meeting until the number of board seats up for election was determined.

At the outset of the case, the court granted a preliminary injunction stipulating that Vermillion not hold its annual meeting until at least 21 days after the court ruled on the plaintiffs' challenge.

The court dismissed the suit with prejudice on Nov. 16, 2012.

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