Corinthian May Face Delisting From Nasdaq

Corinthian Colleges Inc. of Santa Ana, operator of 140 for-profit schools, said Thursday that it had been notified that it was subject to delisting from the Nasdaq Stock Market for not filing its annual report on time.

Corinthian had previously announced that it would be unable to file by the Sept. 13 deadline because of its review of stock option grants dating to 1999, when it made its initial public offering. It appealed the notice from Nasdaq staff and requested a hearing, a move that keeps the shares trading.

“The review could result in accounting changes,” company spokeswoman Anna Marie Dunlap said. “Until the company is finished with its review, or is sufficiently completed with the review, we’re going to be delayed in filing.”

Corinthian cannot estimate when it might finish the work, though it’s optimistic that the Nasdaq action will have little effect on its earnings, Dunlap said. The company said it would file “as soon as practicable.”

Corinthian shares rose 8 cents to $11.94.