Friday, April 11, 2008
Bear Stearns notified the SEC today that it could not timely file its 10-Q Report because, as it explains:
The Company experienced a significant liquidity crisis during the end of the
week of March 10, 2008 that seriously jeopardized its financial viability. On
March 16, 2008, the Company and JPMorgan Chase & Co. ("JPMorgan Chase") entered
into an agreement and plan of merger, and on March 24, 2008, the Company and
JPMorgan Chase entered into an amendment to the agreement and plan of merger (as
amended, the "Merger Agreement"). The liquidity crisis, execution of the Merger
Agreement and the events and circumstances surrounding and following them have
precipitated some disruption and delay in the normal process of preparation and
completion of the Form 10-Q and the certification process attendant thereto.
The reasons causing the inability to file timely could not be eliminated by the
Company without unreasonable expense or effort. The Company intends to file the
Form 10-Q as promptly as practicable, and expects that such filing will be made
by the April 14, 2008 extended deadline.