Embattled and scandal-ridden speech recognition firm Lernout & Hauspie has been delisted by Nasdaq Europe at its own request.
By Ron Coates
Published: 18 May 2001 17:07 GMT
Philippe Bodson, the new president and CEO, said: "Because of our current situation, which did not meet Nasdaq Europe continuing listing requirements, it seemed prudent to seek voluntary delisting of our shares."
Lernout & Hauspie (L&H) filed for bankruptcy protection in the US and Belgium last November having been hit by a wave of fraud at their Korean operations and being threatened by shareholder lawsuits.
The company faces creditor claims in Belgium for $493m and further claims are being filed in the US. The company is also being investigated by the Securities and Exchange Commission, the US regulator.
Its two founders are currently in jail in Belgium under investigation.
Late last month, Bodson said that the company would sell off subsidiaries to meet its obligations. Early this week, Etienne Davignon, chairman of the prestigious Societe Generale de Belgique, joined the L&H board.
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