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The Nasdaq Listing Qualification Panel has written to WorldCom saying it will delist the company's stocks. The panel cited concerns over the company's bankruptcy and the pending restatement of its results from 2001 and the first quarter of 2002.
The delisting extends to WorldCom's tracking stock for its MCI Group subsidiary. Nasdaq will delist WorldCom Group Common Stock, MCI Group Common Stock and MCI Group's 8 Percent Cumulative Quarterly Income Preferred Securities, Series A. WorldCom said it expects those securities to trade on the over-the-counter market, or "pink sheets," under the symbols WCOEQ, MCWEQ and MCPEQ, respectively.
WorldCom in June disclosed accounting irregularities that amounted to nearly $4bn (£2.6bn), and the company now faces several investigations and lawsuits over its accounting practices. On 21 July it filed for protection under Chapter 11 of the US Bankruptcy Code but continued operating.
WorldCom has recently appointed a new chief financial officer and chief restructuring officer.