True Religion & NASDAQ warning letter
Get it together True Religion! We own stock in you, geeez!
“True Religion Apparel, Inc. (Nasdaq:TRLG) today announced that it will request a hearing before the Nasdaq Listing Qualifications Panel in response to the receipt of a Nasdaq Staff Determination letter on November 13, 2007, indicating that the company is not in compliance with the filing requirements for continued listing under Nasdaq Marketplace Rule 4310(c)(14). As anticipated, this letter was issued in accordance with Nasdaq procedures due to the delayed filing of the company’s Form 10-Q for the quarter ended September 30, 2007. Pending a decision by the Panel, the company’s shares will remain listed on the Nasdaq Global Market.
As announced on November 7, 2007, the company has determined that a correction is needed to its previously issued financial reports for the fiscal years ended December 31, 2005 and December 31, 2006, including the quarters therein, and the quarters ended March 31, 2007 and June 30, 2007. In addition, following the recent analysis of the company’s compensation programs, the company has decided to voluntarily review the accounting for stock-based compensation awarded in 2003 and 2004. “
The company will file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2007 once it concludes its analysis of the 2003 and 2004 stock-based compensation awards and files its restated financial statements. “
Full article on this subject can be found here.