NEW YORK (Hypebot) – ArtistDirect, which went public in a blaze of unrealized glory, is voluntarily pulling itself off the NASDAQ stock exchange and stopping reports to the SEC. The company operates as a popular network of sites for music and motion picture news and an ad network that is currently ranked 5th in comScore's ranking of music sites. They also operate MediaDefender and MediaSentry which offer intellectual property protection services to motion picture studios and major record labels.
"The company's board of directors approved the filing of the Form 15 after careful consideration of the advantages and disadvantages of continuing its SEC reporting obligations," said ArtistDirect, Inc., Chief Executive Officer Dimitri Villard. "Suspending the SEC reporting obligations will allow the company to eliminate the substantial expenses associated with SEC reporting and compliance, while reallocating those resources to support business operations. It will also enable management to focus more of its time and efforts on managing and developing the business and enhancing shareholder value."