Nasdaq OKs Corinthian Colleges

Corinthian Colleges Inc. said Tuesday that Nasdaq has found it in full compliance with exchange rules and that it no longer faces delisting.

The Santa Ana-based for-profit education company faced potential Nasdaq delisting after it delayed filing financial statements while it investigated the possible back-dating of employee stock options.

Corinthian announced last month that $5.7 million in options expenses dating back to 2001 had not been properly recorded, but that there was no evidence of willful fraud of misconduct.

At the same time, the company filed its fiscal 2006 annual report and first quarter 2007 earnings and asked Nasdaq to end its delisting proceedings.