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Autobytel Will Miss Nasdaq Deadline

March 31, 2005|From Bloomberg News

Irvine-based Autobytel Inc., which operates Autoweb.com and Car.com, said Wednesday that it was unable to submit required audited financial statements to the Nasdaq Stock Market before its delisting hearing next week.

Controller Matthew McDowell, Autobytel's principal accounting officer, will resign Friday, the company said in a filing with the Securities and Exchange Commission.

Autobytel was supposed to file statements for the third quarter of 2004 and for the full year, as well as restatements for the previous three years. Autobytel shares may be removed from Nasdaq's listings after the hearing Monday, according to the filing.

The company said it was continuing to work on its reports.

Shares of Autobytel fell 13 cents to $4.99 on Nasdaq.

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