Nov 30

Written by: Russ Henke
11/30/2008 8:13 AM 

Cadence Design Systems, one of the Big 3 Electronic Design Automation (EDA) Vendors, has been the subject of frequent blog entries in this space, even before the top five execs resigned from Cadence in mid-October 2008 (see the related blog entry posted on October 19, 2008, entitled, “EDA Executives Pay the Price – and probably, so will many other employees”). Many updates in this blog space have followed.

The large reduction in Stock Market Capitalization suffered by Cadence since January 2008 is behind most of the company’s woes.

Since October, Cadence has been the public target of both real news as well as rumors, much of it negative.

The update today contains the difficulty Cadence endures just keeping up with those pesky SEC filings associated with Cadence’s Q3 decision to review its financial statements for 2008. For example, Cadence received a letter from The NASDAQ Stock Market on November 18, 2008 indicating that the company is not in compliance with the filing requirements under NASDAQ Marketplace Rule 4310(c)(14) because Cadence did not file in a timely fashion its Quarterly Report on Form 10-Q for the quarter ended September 27, 2008. Cadence must submit a plan to regain compliance no later than January 19, 2009, or risk being delisted from The NASDAQ Global Select Market.

Cadence also keeps being hassled by the many law firms that have filed class action suits against Cadence on behalf of shareholders who are complaining that Cadence and some of the company's executive officers violated federal securities laws during certain periods in 2008.

Lately, rumors have surfaced that Cadence had "evicted" from membership a large number of software vendors from its Connections partnership program.
Cadence has denied these rumors.

And so it goes…