Verso Technologies files for bankruptcy protection
Shares of Verso Technologies Inc, a maker of networking products for telecommunications companies, fell more than 48 percent on Monday, after it filed for bankruptcy protection.
The company, filed a Chapter 11 petition for bankruptcy protection late on Friday in U.S. Bankruptcy Court in Atlanta, according to court documents.
The company said in a statement on Monday it expects to file a plan of liquidation for its assets and subsidiaries with the court.
Verso said last week it had received a going concern qualification from its independent auditors.
The company's shares closed at 3 cents each on the Nasdaq. (Reporting by Emily Chasan; editing by Andre Grenon and Braden Reddall)
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