The New York Stock Exchange says it will apply to the Securities and Exchange Commission to delist HealthSouth Corp. and has suspended trading in its stock for a fifth consecutive session.
In response, HealthSouth has been "evaluating efforts to secure an ongoing market for our stock," says Joel Gordon, interim chairman of HealthSouth, in a release.
"We understand that market makers have independently begun to make a market in the company's common stock on the OTC Pink Sheets under the symbol 'HLSH'," Gordon states.
Trading in HealthSouth stock was halted March 19, when the SEC filed civil charges accusing the company of overstating earnings by $1.4 billion since 1999.
In a release, the NYSE says it is seeking to delist HealthSouth because of "the uncertainty as to the timing and outcome" of SEC and other investigations, as well as the company's recent admission that previous financial statements are not reliable.