When your stock’s doing poorly and a sudden financial crisis hits, your stock tanks, and that’s what’s happened to Radio One, though some of the effects have been delayed.

In August, Radio One announced a second-quarter loss of $11.7 million.

At that time, Radio One’s Class A stock, ROIA, had dropped to around $1 from the previous year’s $4 and up and has continued to drop since then closing today at 79 cents.

Radio One’s Class D stock, ROIAK, has dropped even further over the last 3 months from around $1 to under 10 cents.

The final blow bringing the Class D stock to its knees was the removal from Standard & Poor’s SmallCap 600 index causing a sell-off by fund managers of around 6 million shares, a form of cascade failure that will be quite challenging from which to recover.

Late last month Radio One received a warning from the Nasdaq regarding possible delisting, though such a move has been suspended until next year due to the current financial crisis.