Lazare Kaplan International Inc. Announces Receipt of Deficiency Letter From NYSE AMEX; Amendment to By-Laws
October 21 2009 - 5:57PM
PR Newswire (US)
NEW YORK, Oct. 21 /PRNewswire-FirstCall/ -- Lazare Kaplan
International Inc. (AMEX:LKI) (the "Company") announced today that
it received a Deficiency Letter from NYSE Regulation (the "Staff"),
on behalf of NYSE AMEX LLC (the "Exchange") dated October 20, 2009,
relating to the Company's failure to timely file its Quarterly
Report on Form 10-Q (the "Form 10-Q") for the quarter ended August
31, 2009. In this letter, the Staff informed the Company that the
timely filing of the Form 10-Q is a condition for the Company's
continuing listing on the Exchange, as required by Sections 134 and
1101 of the Exchange's Company Guide (the "Company Guide"). In
addition, the Company's failure to file the Form 10-Q is a material
violation of its listing agreement with the Exchange. Pursuant to
1003(d) of the Company Guide, the Exchange is authorized to
suspend, and unless prompt corrective action is taken, remove the
Company's common stock from the Exchange. As announced by the
Company on September 18, 2009, the Company received a Deficiency
Letter from the Staff dated September 16, 2009, relating to the
Company's failure to timely file its Annual Report on Form 10-K for
the fiscal year ended May 31, 2009. In response to that letter, the
Company submitted a plan of compliance ("Plan"), advising the
Exchange of action it has taken, or will take, to bring the Company
into compliance with Sections 134 and 1101 of the Company Guide by
no later than December 15, 2009. As the Company's failure to file
the Form 10-Q does not affect the Plan or the timing of the Plan,
the Company does not intend at this time to supplement the Plan to
address the October 20, 2009 Deficiency Letter, or to submit an
additional plan of compliance. The Company further announced today
that on October 19, 2009, its Board of Directors approved an
amendment to the Company's Bylaws, effective as of that date.
Pursuant to the amendment, the annual meeting of stockholders of
the Company shall now be held on any date and time which may from
time to time be designated by the Board of Directors, instead of on
a date not earlier than the 15th day of October nor later than the
30th day of November as determined by the Board of Directors.
Lazare Kaplan International Inc. sells its diamonds and jewelry
products through a worldwide distribution network. The Company is
noted for its ideal cut diamonds, which it markets internationally
under the brand name, Lazare Diamonds®. Except for historical
information contained herein, the statements in this release are
forward-looking and made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve known and unknown risks and
uncertainties which may cause the Company's actual results in
future periods to differ materially from forecasted results. Those
risks include a softening of retailer or consumer acceptance of, or
demand for, the Company's products, pricing pressures, adequate
supply of rough diamonds, liquidity, and other competitive factors.
These and other risks are more fully described in the Company's
filings with the Securities and Exchange Commission. The
information contained in this press release is accurate only as of
the date issued. Investors should not assume that the statements
made in these documents remain operative at a later time. Lazare
Kaplan International Inc. undertakes no obligation to update any
information contained in this news release. DATASOURCE: Lazare
Kaplan International Inc. CONTACT: Edward Nebb of Comm-Counsellors,
LLC for Lazare Kaplan International Inc., +1-203-972-8350
Copyright
Lazare Kaplan (AMEX:LKI)
Historical Stock Chart
From Jul 2024 to Jul 2024
Lazare Kaplan (AMEX:LKI)
Historical Stock Chart
From Jul 2023 to Jul 2024