With the stock trading below $1 a share, Emmis CEO Jeff Smulyan says "this news is not unexpected. We are actively evaluating our alternatives and are confident we have a variety of options to address this situation prior to May 11, 2011." The NASDAQ exchange gives listed companies six months to regain compliance with the $1-closing price rule. Emmis stock ("EMMS") began sliding after the failure of Smulyan's $2.40-a-share bid to take the company private. Smulyan is suing his former backer, Alden Global Capital, in the deal.