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InfoUSA, which has not yet filed its 10-K report for the year ended Dec. 31, received notification on April 2 from the Nasdaq stock exchange that it was in violation of the exchange’s rules. As a result, the company is subject to delisting from the Nasdaq Global Select Market.

InfoUSA announced plans to request a hearing before the Nasdaq Listing Qualification Panel. The company’s stock will remain listed until the panel renders a decision.

InfoUSA claims that it has been unable to file its 10-K as a result of a shareholder complaint against it, as well as a related informal investigation by the Securities and Exchange Commission.

The shareholder complaint stems from allegations that infoUSA did not fully explore acquisition bids, aside from one tendered by CEO Vinod Gupta, for it in 2005. In August of that year, the company dissolved a special committee of the board charged with evaluating an $11.75 per-share offer from Gupta after Gupta withdrew the offer.

Gupta subsequently said that any other offers received by the company would be evaluated by the entire board of directors, and that he was unaware of any other offers.

On Thursday, the company’s stock closed at $5.36 per share. The announcement about the potential delisting was not issued until after market close.