BUSINESS BRIEFS
Cyanotech delist will be on Sept. 1
Advertiser Staff and News Services
Kona-based Cyanotech Corp. today said it received notice that its stock will be delisted from the Nasdaq Stock Market on Sept. 1 because of a failure to file a quarterly financial report.
Shares in the maker of nutritional supplements already had been scheduled for delisting on Nov. 26 for failure to meet a minimum bid price of $1. Should shares be dropped from the Nasdaq Small Cap market, Cyanotech stock likely would trade on the OTC Bulletin Board.
Cyanotech shares closed at 48.9 cents a share today.
WIRELESS VENDOR OPENING STORE
Verizon Wireless will open its newest Hawai'i store with a blessing today in the Moanalua Shopping Center.
The blessing and a maile lei untying are scheduled for 11 a.m., followed by a host of promotions, including giveaways and free T-shirts with purchases. The store is the seventh opened by Verizon Wireless in Hawai'i during the past four years.
BIG ISLAND TO GET A RUTH'S CHRIS
The Hawai'i franchisee for Ruth's Chris Steak House is scheduled to open a restaurant on the Big Island in October, its first on the island and its fourth in the state.
The opening is set for Oct. 9 on the second floor at the Shops at Mauna Lani on the Kona coast.
ALA. COURT RULES AGAINST SCRUSHY
BIRMINGHAM, Ala. — Fired HealthSouth Corp. CEO Richard Scrushy must repay $47.8 million in bonuses he wrongly received during a massive financial fraud at the rehabilitation and medical services chain, the Alabama Su-preme Court ruled yesterday.
The court unanimously upheld a lower-court order that sided with a shareholder who sued Scrushy, claiming the CEO received the bonuses improperly as the scandal secretly engulfed the company for seven years starting in 1996.
Ruling for the first time on the legal claims in the case, the justices rejected Scrushy's arguments that he should keep the money even though HealthSouth lost millions while reporting profit.
SAMOA FIRES BACK IN AIRFARE FIGHT
PAGO PAGO, American Samoa — Eni H. Faleomavaega, the U.S. territory's delegate to Congress, said he will ask for federal review of Hawaiian Airlines airfares between Honolulu and Pago Pago.
The statement, in a letter Faleomavaega sent this week to Mark B. Dunkerley, Hawaiian's president and CEO, was the latest salvo in a battle over the airline's fares.
Earlier this month, Hawaiian asked the U.S. Department of Transportation to declare whether Gov. Togiola Tulafono's order barring the airline from operating to and from Pago Pago is enforceable. The order, issued last month, demands Hawaiian end the route.
