F5 Networks gets Nasdaq listing warning

F5 Networks Inc., a maker of products that manage Internet traffic, has received a noncompliance letter from Nasdaq warning of potential delisting from the exchange because the company failed to file its third-quarter earnings report on time.

In July, the company said it would restate earnings for the past five years and delay its quarterly filing due to issues with past stock options grants.

The company said its review of options grants has identified at least one occasion in which stock options dates don't mesh with accounting rules. F5 said it plans to restate earnings for fiscal years 2001 through 2005 and the first two quarters of 2006, and release third-quarter earnings when the investigation is complete.

Late today, F5 said it will request a hearing with a Nasdaq panel to review the staff determination. The request will stay the suspension of its securities pending a panel decision, allowing shares to continue to trade on the global market in the meantime.

There is no guarantee the panel will grant F5's request for continued listing.

F5 Networks shares closed today at $41.86.