National Lampoon to Delist

0

Beleaguered comedy company National Lampoon Inc. said it plans to voluntarily delist its common stock from the NYSE Alternext exchange and move to the over-the-counter Bulletin Board.

West Hollywood-based National Lampoon, which is embroiled in an alleged stock manipulation investigation, said late Tuesday it is unlikely that the company will be able to comply with the exchange’s listing requirements for financial condition, operating results, and share price for the foreseeable future. Shares were listed at 73 cents in morning trading.

National Lampoon’s largest shareholder, Daniel Laikin, resigned as chief executive last month after he and other alleged co-conspirators were indicted on federal civil and criminal charges related to attempts to drive up the price of the company’s stock.

Timothy S. Durham, a board member, currently is serving as interim CEO and president.

No posts to display