NYSE Regulation, Inc. announced today that it determined that the common stock of Lehman Brothers Holdings, Inc., ticker symbol LEH, as well as the 13 related NYSE and NYSE Arca listed securities listed below, should be suspended immediately.
NYSE Regulation has determined that the Company is no longer suitable for listing. This decision was reached in view of the Company's September 15, 2008, filing of a petition under Chapter 11 of the U.S Bankruptcy Code with the United States Bankruptcy Court for the Southern District of New York. NYSE Regulation noted the uncertainty as to the timing and outcome of the bankruptcy process as well as the ultimate effect of this process on the Company's equity holders.
In this regard, we considered the Company's September 16, 2008, announcement regarding the definitive agreement signed with Barclays Capital to acquire substantially all of the North American business and operating assets of Lehman Brothers, Inc., a wholly-owned subsidiary, and certain related assets of the Company and its affiliates.
NYSE Regulation also reviewed the abnormally low price of the common stock since the bankruptcy filing on September 15, 2008.
The Company has a right to a review of this determination by a Committee of the Board of Directors of NYSE Regulation. Applications to the U.S. Securities and Exchange Commission to delist the issues are pending the completion of applicable procedures, including any appeal by the Company of the NYSE Regulation staff's decision. The NYSE noted that it may, at any time, suspend a security if it believes that continued dealings in the security on the NYSE are not advisable. -- www.nyse.com
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