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SINGAPORE: Creative Technology, whose music players compete with the Apple iPod, said it planned to end trading of its shares on the Nasdaq Stock Market to cut costs incurred by U.S. financial reporting requirements.

The Singapore-based company plans to file notice to remove the listing of its shares from the U.S. exchange on or around July 23, Creative said. The withdrawal will be effective 10 days after the notice is submitted, it said.

Last month Creative reported its fourth loss in five quarters for the three months to March 31 as sales missed the company’s expectations. U.S. financial reporting costs are set to climb as companies move to comply with the Sarbanes-Oxley Act, which President George W. Bush signed into law in 2002 after accounting scandals eroded investor confidence.

Int. Herald Tribune: Creative Technology to leave the Nasdaq

The Sarbanes-Oxley Act, passed by the US Federal Government in response to the Enron scandal in 2002 has caused BioProgress to delist from NASDAQ for the second time, adding to the register of European firms fleeing the US market.

Cambridge-based specialty pharma and healthcare company, BioProgress has announced its intention to delist from the NASDAQ stock market on June 18, as a result of the limited benefits of trading on the American market becoming outweighed by the cost of adhering to the stringent laws instituted because of large scale corporate accounting scandals.

BusinessWeekly.co.uk: Another EoE firm abandons ‘burdensome’ NASDAQ

Amcor Limited announced today that it intends to voluntarily withdraw its American Depositary Receipts (ADRs) from listing on The NASDAQ Stock Market LLC and to deregister its ADRs and its ordinary shares under the U.S. Securities Exchange Act after the recently adopted deregistration rules of the U.S. Securities and Exchange Commission (SEC) become effective on June 4, 2007.

Amcor expects to file a Form 25 with the SEC in early June 2007 to effect the delisting. The NASDAQ Stock Market will suspend trading in the ADRs, each representing four Amcor ordinary shares, ten days after the de-listing application is filed.

Simultaneously with the filing of its application to delist, Amcor plans to apply to the SEC to terminate the registration of the ADRs and the ordinary shares under the Exchange Act. Upon the delisting, Amcor’s obligations to file reports with the SEC will immediately be suspended. Amcor expects that the deregistration of its ADRs and its ordinary shares will become effective and Amcor’s Exchange Act reporting obligations will be terminated 90 days after the filing with the SEC.

“The Board of Directors determined to take this action based on several factors, including the ongoing expense of preparing additional periodic reports for filing with the SEC and the substantial increase in costs to meet the requirements of the Sarbanes-Oxley Act,” stated Ken MacKenzie, Amcor’s Managing Director and CEO.

AMCOR ANNOUNCES PLANS TO DELIST FROM NASDAQ AND DEREGISTER FROM SEC