ArtistDirect to Quit SEC Reporting, Delist Shares From Nasdaq

Authored by Mark Hefflinger on August 6, 2009 - 6:41am.

Santa Monica, Calif. - ArtistDirect, a provider of music and movie news, as well as streaming music and anti-piracy services, announced on Thursday that it intends to suspend its SEC reporting obligations, and delist its common stock from the Nasdaq.

"The company's board of directors approved the filing of the Form 15 after careful consideration of the advantages and disadvantages of continuing its SEC reporting obligations," said ArtistDirect CEO Dimitri Villard.

"Suspending the SEC reporting obligations will allow the company to eliminate the substantial expenses associated with SEC reporting and compliance, while reallocating those resources to support business operations.

"It will also enable management to focus more of its time and efforts on managing and developing the business and enhancing shareholder value."

Santa Monica, Calif.-based ArtistDirect held its IPO back in 2000.

The company's Peer Media unit, which includes MediaDefender and MediaSentry, provides intellectual property protection to movie studios and record labels.

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http://www.artistdirect.com