Ciphergen Biosystems (Fremont, California) reported that on Dec. 2, it was notified by the Nasdaq Listings Qualification Department that it has failed to comply with the continued listing requirements of the Nasdaq National Market because the market value of the company’s listed securities has fallen below $50 million for 10 consecutive business days. The company was provided until Jan. 3 to regain compliance.

The Dec. 2 Nasdaq notice is in addition to the notice disclosed in the company’s Form 8-K filed with the Securities and Exchange Commission on Nov. 16. Ciphergen said it would be appealing Nasdaq’s delisting determination at a hearing before the Nasdaq Listing Qualifications Panel Dec. 8.

Additionally, the company and several of its officers have been named as defendants in a securities class-action complaint filed Dec. 5 in U.S. District Court for the Northern District of California. The complaint has been brought on behalf of all persons who purchased Ciphergen common stock from Aug. 8, when the company issued a press release announcing unaudited financial results for 2Q05, through Nov. 16, when it reported its intention to restate those financial results.

The plaintiffs do not demand any particular amount in damages. The company has not responded to the complaint.

Ciphergen is a provider of enabling tools and collaborative services in the emerging field of proteomics.