The Nasdaq on Thursday delisted and suspended trading of stock for the SCO Group Inc., a Lindon-based technology licensing company.
The stock had been trading for less than $1 per share, the minimum required to trade on the market. SCO filed for Chapter 11 bankruptcy in September and has been embroiled in a lawsuit with Novell Inc.
The lawsuit stems from SCO's 1995 purchase of certain rights to the Unix operating system from Novell, for $145 million.
With the licensing rights, SCO demanded billions of dollars in royalties from IBM because it uses Linux, a free operating system with a similar operating system code to Unix. Novell, which sells versions of Linux, disagreed with SCO's actions and said the 1995 agreement didn't give SCO ownership of Unix copyrights and SCO didn't have the right to pursue IBM. SCO then sued Novell for slander of title.
In August, a judge ruled Novell could seek some of the royalties that SCO had been collecting for Unix. SCO's bankruptcy protection filing came just three days before a trial on the matter. But in November, a judge ruled that Novell can continue to pursue royalty claims against SCO, despite the bankruptcy proceedings.