Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Monday, March 12, 2007

NYSE Halts Trading in New Century Financial Corp.

NYSE Regulation, Inc. announced today that it is reviewing the continued listing status of the common and preferred shares of the troubled REIT, New Century Financial Corp. The NYSE halted trading on Monday, March 12, 2007 , due to the review of recent disclosures involving the Company‚Äôs ongoing liquidity and financing efforts.  It stated that although the Company is currently in compliance with the applicable listing requirements, "the NYSE is not limited to these quantitative standards. Rather, it may make an appraisal of, and determine on an individual basis, the suitability for continued listing of an issue in light of all pertinent facts whenever it deems such action appropriate, even though a security meets or fails to meet any enumerated criteria."

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.

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