The9 Limited (NCTY) Files Notification of Late Filing on Form 20-F
More News related to NCTY
- The9 Limited to Report Third Quarter 2009 Unaudited Financial Results on November 23, 2009
- Glancy Binkow & Goldberg LLP, Representing Investors Who Purchased American Depositary Shares of The9 Limited, Announces Class Action Lawsuit and Seeks to Recover Losses
- The Shuman Law Firm Announces the Filing of a Class Action Lawsuit Against The9, Ltd.
- Don't Miss Out! The Registration Period for the 2010 IR Global Rankings Ends TOMORROW!
- Brower Piven Encourages Investors Who Have Losses in Excess of $200,000 From Investment in The9, Ltd. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the D
The9 Limited (Nasdaq: NCTY) filed a Form 12b-25, Notification of Late Filing, with the U.S. SEC today regarding the late filing of its annual report on Form 20-F for the year ended December 31, 2008.
On April 16, 2009, The9 announced that it had learned that Blizzard Entertainment's World of Warcraft would be licensed to another China-based online game company following the expiration of the license agreement between Blizzard Entertainment and the Company on June 7, 2009. World of Warcraft accounts for a substantial majority of The9's revenue. The Company is finalizing its financial reporting treatment and related disclosures resulting from the non-renewal as reflected in its financial statements as of and for the year ended December 31, 2008.
As a result of the non-renewal of the World of Warcraft license agreement, as well as taking into consideration certain other events that occurred subsequent to year-end in connection with certain other licensed games and lower than expected operating performance of one of its games, the Company will record impairment and certain other charges in its financial statements for the year ended December 31, 2008. As a result of these charges, net income for the year ended December 31, 2008 presented in its annual report on Form 20-F is expected to be between 55% and 75% lower than net income for the same period presented in the Form 6-K filed by the Company on February 24, 2009. The Company intends to file the Form 20-F on or before July 15, 2009.
Related Categories
Corporate NewsStocks Mentioned
-0.06Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
