Santa Ana-based MSC.Software Corp. said Tuesday that its shares will be delisted from the New York Stock Exchange because of an ongoing review of its past financial accounting procedures.
The company said its shares will be suspended March 11 and likely then will trade on the Pink Sheets.
Last summer MSC.Software Corp. said a probe by its audit committee into software sales in Asia has been expanded to look at how the company accounts for all global sales.
The maker of industrial and engineering software plans to restate earnings results for the past three and a half years. It said it wouldn’t meet a deadline to file its 2003 annual report.
“We are disappointed that we may not be able to complete the filing within the exchange’s three-month extension period,” said Frank Perna, chairman and chief executive of MSC.Software. “We are confident that when the restatements are finalized and we complete our SEC filings, the market will see that MSC.Software’s business is strong and growing.”
Last year ValueAct Partners LP offered to buy MSC.Software for $275 million to take the company private. The software maker declined the offer.
ValueAct and MSC.Software then struck a deal in which ValueAct agreed not to pursue acquiring the company while the accounting review is under way. Only after MSC.Software is current in its financial filings can ValueAct make another offer for the company, according to the agreement.
