SYMS saga takes new twist

Recall that retailer SYMS decided to deregister and trade on the Pink Sheets to save the money it would have spent on Sarbanes Oxley compliance. Well, some hedge funds didn't like it and put up a fight. They sued the company after its shares tanked and succeeded in forcing the company to re-register as a Nasdaq listee. So what's the lesson here? Can we say shareholders in general seem to like Sarbox? Maybe. Maybe not. But if you are going to cut your Sarbox costs you had better do it in a way that doesn't gut shareholder value. Short of a buyout, what is that way?

For more:
- here's the press release