Aug 20, 2002, 12:00 AM
MaxWorldwide, Inc., formerly L90, today announced that it has been delisted from The Nasdaq Stock Market effective with the opening of business today, because the company did not file its quarterly report on Form 10-Q on time. "Before we file our 10-Q, we want to ensure that all of our prior filings and reports are correct," said William H. Mitchell, the Company's Chief Financial Officer. "As we previously announced, we engaged PricewaterhouseCoopers LLP to replace Arthur Andersen LLP as our new independent auditors. In working with PricewaterhouseCoopers, we discovered misclassifications of certain research and development expenses reported in our prior financial statements. We are reviewing the treatment of these expenses and will likely have our operating results for certain prior periods re-audited."