SiliconBeat

Quantum’s stock price is doing something today we suspect it’s never done before: doubling in value. Granted, when you are talking about movement off a 40-cent-per-share stock price, you need to keep such percentage gains in perspective. And as stock watchers well know, it’s not where you start, it’s where you finish on any given trading day.

The news that is spurring the stock’s rise? The San Jose maker of data storage is offering to refinance some of the debt weighing it down, which was part of the reason the company was placed on a list by Moody’s, the credit-rating agency, of company’s in danger of defaulting on their debt. Our colleague Steve Johnson wrote last Sunday about its fate, along with that of other Silicon Valley companies on the list: chip-maker AMD and smart-phone developer Palm.

But as good as the news was about its renegotiating its debt was the reason it could: Read the rest of this entry »

Quantum (NYSE:QTM), the San Jose maker of storage products, received word from the New York Stock Exchange that it is “not in compliance” with its minimum $1 listing requirement. It has until Nov. 10 to explain to the stock market its plans for rectifying the situation, and it will have until April 29 to comply with the order by having its shares trade above $1 for 30 consecutive days, according to a filing today.

The company said in a release that should it be unable to lift its shares above the required minimum, it Read the rest of this entry »

Quantum, the San Jose storage firm, and Riverbed Technology, a San Francisco supplier of wide-area data service tools, settled patent litigation between them Tuesday. In exchange for an $11 million payment to Quantum, both companies entered into a “perpetual covenant not to sue” one another or their affiliates over patents related to “data de-duplication” over the next five years, according to an SEC filing.

Quantum filed suit against Riverbed in October 2007, and Riverbed filed a countersuit a month later. As part of the settlement announced Wednesday, both companies released each other from any and all claims in the matter.

San Jose storage supplier Quantum said it dismissed Ernst & Young as its principal independent accountant last Friday and hired PricewaterhouseCoopers to replace them, according to a regulatory filing Wednesday.

Quantum cited no reason for the change, and said that none of its financial statements over the past two fiscal years contained any adverse opinion from Ernst & Young.

Quantum, the San Jose supplier of computer storage products that a decade ago ranked among the ten biggest companies in Silicon Valley, filed its 2008 proxy Friday containing a proposal asking shareholders to approve a reverse stock split. Not a moment too soon, apparently, as its shares hit what looks to be Read the rest of this entry »