Securities Law Prof Blog

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

Wednesday, January 2, 2008

Syms Shareholders Object to Delisting Plan

Syms shareholders are urging the Syms board to reconsider its decision to deregister its common shares and to delist from the NYSE and instead to have the shares trade in the Pink Sheets.  Syms says that most of its shares are registered in street name and thus there are less than the 300 shareholders that trigger registration under the Securities Exchange Act.  The company says it is taking these actions to minimize its costs associated with Sarbanes Oxley compliance, which it says amount to $750,000 annually., Syms Shareholders Decry Delisting Plan.

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