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Breaking News...Two Langone 'Partners' and Geeknet (GKNT) Directors Resign. GKNT Receives Notice of Delisting...Shareholder(s) Allege Gross Negligence, Undue Influence, Conspiracy to Defraud...SEC Rule 10b-5 Violation(s). Story Developing...

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August 11, 2010 – Comments (0) | RELATED TICKERS: GKNT , BBY , AMZN

Breaking News...Two Langone 'Partners' and Geeknet (GKNT) Directors Resign.  GKNT Receives Notice of Delisting...Shareholder(s) Allege Gross Negligence, Undue Influence, SEC Rule 10b-5 Violation(s). Story Developing...

11-Aug-2010 SEC Form 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; 
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Resignation of Directors

On August 10, 2010, Robert Bowman and Michael Sileck resigned as members of the Board of Directors (the "Board") of Geeknet, Inc. (the "Company"). The resignations were not due to or related to any disagreement with the Company on any matter relating to the Company's operations, policies or practices.

The resignations reduced the audit committee from three independent directors to one, resulting in non-compliance with the audit committee requirement for continued listing on NASDAQ Stock Market ("NASDAQ"). Specifically, NASDAQ Listing Rule 5605 requires that the audit committee be comprised of at least three independent directors. However, consistent with Listing Rule 5605(c)(4), we believe NASDAQ will give the Company a cure period to regain compliance. The Company plans to conduct a thorough recruitment and evaluation process to find suitable replacements.

 

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