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More Europeans Delist in U.S. to Escape Sarbanes

More Europeans Delist in U.S. to Escape Sarbanes

by Rick Turoczy on February 25, 2005

Like a growing number of European companies, the British biotechnology group has decided the cost of maintaining a secondary U.S. listing and complying with Sarbanes-Oxley corporate governance law is simply too high. So it will delist from the Nasdaq and deregister with the Securities and Exchange Commission (SEC) as soon as possible, saving $700,000 between now and mid-2006 and at least $400,000 a year thereafter.

“When you analyzed the situation, for us it was a no-brainer,” Company Secretary Lee Greenbury told Reuters after announcing the plan on Friday.

Provalis is far from alone.

More Europeans Delist in U.S. to Escape Sarbanes

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