COMSCORE, Inc. (NASDAQ:SCOR) has revealed that it won’t be able to meet the deadline for filing of the financial reports. This means that the cross-platform measurement company could be delisted from Nasdaq. The deadline to restate its financials for 2013-2016 and file its financial report for 2016 that comScore is required to meet falls on February 23, 2017.

In a press release, comScore has informed Nasdaq that it will require until summer to fulfill its financial reporting obligations. The digital statistics firm has also warned that even by then, it might still not have completed the process.

Delisting warning

comScore was first issued with a delisting warning in September 2016 but the company lodged a successful appeal which saw it given a new date. Under its bylaws, the maximum extension that Nasdaq could give was February 23, 2017. comScore has, however, said it will lodge another appeal and ask for more time to meet its financial reporting obligations.

“The delay primarily relates to the magnitude of work that the company needs to perform in order to review the company’s accounting judgments and estimates for transactions that occurred during 2013-2016,” read a statement from comScore.

Internal investigation

The problem that is threatening to have comScore delisted relates to an internal investigation that was conducted on the firm’s financials. comScore was forced to restate $48 million in nonmonetary revenue for the 2013-2016 period following preliminary findings that were released in September. In its defense, comScore revealed that related expenses of the same value had been identified and these would serve to mitigate the overall hit to the company’s bottom line.

Later on November 23, 2016, comScore filed a report with the U.S. Securities and Exchange Commission that uncovered contracts and monetary transactions that had not been properly accounted for which might necessitate accounting adjustments with material effect.

To compound its problem, comScore has also had to deal with high-level executive departures with the chief executive officer and the chief financial officer having to be replaced in the last five months.

In Monday’s trading shares of Comscore Inc fell sharply by 28.42 percent to close the day at $23.22.