-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DcZbBwsd4Y2+iOhoOgxV6OSU+MjiPYdfHqLm3YXmusBSo903BFnvBGatvqmkjrxr 8Xkte0mvZTVn5k8FkiAzpA== 0001266454-07-000005.txt : 20070109 0001266454-07-000005.hdr.sgml : 20070109 20070109162936 ACCESSION NUMBER: 0001266454-07-000005 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20070103 ITEM INFORMATION: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing ITEM INFORMATION: Changes in Registrant.s Certifying Accountant ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070109 DATE AS OF CHANGE: 20070109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIGMA DESIGNS INC CENTRAL INDEX KEY: 0000790715 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER PERIPHERAL EQUIPMENT, NEC [3577] IRS NUMBER: 942848099 STATE OF INCORPORATION: CA FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32207 FILM NUMBER: 07520841 BUSINESS ADDRESS: STREET 1: 1221 CALIFORNIA CIRCLE CITY: MILPITAS STATE: CA ZIP: 95035 BUSINESS PHONE: 4082629003 MAIL ADDRESS: STREET 1: 1221 CALIFORNIA CIRCLE CITY: MILPITAS STATE: CA ZIP: 95035 8-K 1 sigma_8k.htm CURRENT REPORT Current Report


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
January 3, 2007
Date of Report (date of earliest event reported)
 

 
Sigma Designs, Inc.
(Exact name of registrant as specified in its charter)
 
California
 
000-15116
 
94-2848099
(State or other jurisdiction of
incorporation or organization)
 
(Commission File Number)
 
 
(I.R.S. Employer
Identification Number)
 
 
1221 California Circle
Milpitas, California 95035
 
 
(Address of principal executive offices)
 
 
(408) 262-9003 
(Registrant’s telephone number, including area code)
 
 
 (Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General Instruction A.2. below):
 
[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c))





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

On October 26, 2006, Sigma Designs, Inc. (the “Company”) appeared in front of the Nasdaq Listing Qualifications Panel (the “Nasdaq Panel”) to discuss the potential delisting of the Company from The Nasdaq Stock Market for failing to timely file its Form 10-Q for the quarter ended July 29, 2006 and its Form 10-Q for the quarter ended October 28, 2006, in violation of Nasdaq Marketplace Rule 4310(c)(14). On January 3, 2007, the Nasdaq Panel notified the Company that the Nasdaq Panel has determined to continue the Company’s listing to allow it to become current on its reporting obligations.

The Company’s continued listing is subject to the filing on or before March 14, 2007 of any required restatements and the Company’s Form 10-Q’s for the quarters ended July 29, 2006 and October 28, 2006, production of specified information to the Nasdaq Panel about the results of the review by the Audit Committee of the Company’s Board of Directors of the Company’s stock option grant practices and compliance with all other requirements for continued listing on The Nasdaq Stock Market. There is no assurance that the Nasdaq Panel will deem the information we provide as being sufficient to satisfy the condition or that we will be current in our filings by the prescribed deadline.

Item 4.01 Changes in Registrant’s Certifying Accountant.

(a) Previous Independent Registered Public Accounting Firm.

Grant Thornton LLP ("Grant Thornton") informed Sigma Designs, Inc. (the "Company") that its client-auditor relationship has ceased effective January 3, 2007.

The Company  previously reported in its Form 8-K filed with the Securities and Exchange Commission on September 21, 2006 that the Company’s financial statements for the fiscal years ended January 31, 2004, January 29, 2005 and January 28, 2006 should no longer be relied upon.  As a result of the September 21, 2006 Form 8-K filing, the report of Grant Thornton on the financial statements of the Company for the fiscal year ended January 28, 2006 and management's report on the effectiveness of internal control over financial reporting as of January 28, 2006 has been withdrawn and should no longer be relied upon.   Grant Thornton did not serve as the Company’s independent registered public accounting firm for the fiscal years ended January 31, 2004 and January 29, 2005.

During the fiscal year ended January 28, 2006 and through January 3, 2007, there were no disagreements with Grant Thornton of any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Grant Thornton, would have caused Grant Thornton to make reference thereto in its reports and there were no reportable events (as outlined in Regulation S-K Item 304(a)(1)(v)), except for the following:

In Item 9A of its Annual Report on Form 10-K for the fiscal year ended January 28, 2006, management of the Company reported that it had assessed the effectiveness of the Company's internal control over financial reporting as of January 28, 2006 and had identified the following material weakness in the Company’s internal control over financial reporting: inadequate controls to ensure that financial information is adequately analyzed to detect misstatements including the lack of understanding of generally accepted accounting principles, or GAAP, and Securities Exchange Commission, or SEC, reporting matters. This material weakness in the Company’s internal control over financial reporting resulted in an adverse opinion from Grant Thornton on the effectiveness of the Company's internal control over financial reporting. For additional details regarding this material weakness, please see the Company’s Annual Report on Form 10-K for the fiscal year ended January 28, 2006.

The Company has provided a copy of this disclosure to Grant Thornton and requested that Grant Thornton provide a letter addressed to the Securities and Exchange Commission stating whether or not it agrees with the above statements. A copy of such letter dated January 8, 2007, is attached hereto as Exhibit 16.1 to this Form 8-K.
 
 
 

 
Item 9.01 Financial Statements and Exhibits.
 
(d)
Exhibits.
 
16.1
Letter from Grant Thornton LLP to the Securities and Exchange Commission dated January 8, 2007.
 


 
 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: January 9, 2007
 
SIGMA DESIGNS, INC.
     
 
By:
/s/ KIT TSUI
 
   
Kit Tsui
Chief Financial Officer and Secretary
(Principal Financial Officer and Accounting Officer)




 
 

 
Exhibit Index


Exhibit Number
Description
 
16.1
 
Letter from Grant Thornton LLP to the Securities and Exchange Commission dated January 8, 2007.

 
EX-16.1 2 sigma_ex1601.htm LETTER FROM GRANT THORNTON LLP Letter from Grant Thornton LLP
Exhibit 16.1
 
 
 
Accountants and Business Advisors
Grant Thornton 
 
 
 
January 8, 2007
 
U.S. Securities and Exchange Commission
Office of the Chief Accountant
100 F Street, NE
Washington, DC 20549

Re:
Sigma Designs, Inc.
File No. 000-15116

Dear Sir or Madam:

We have read Item 4.01 of Form 8-K of Sigma Designs, Inc. dated January 9, 2007, and agree with the statements concerning our Firm contained therein.

Very truly yours,
 
 
GRANT THORNTON LLP
 
 
 
 
 
 
150 Almaden Boulevard
Suite 600
San Jose, CA 95113
T 408.275.9000
F 408.275.0582
W www.grantthornton.com

Grant Thornton LLP
US member of Grant Thornton International
 
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