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Magazine > Industry News > News Content

NYSE accepts Lazare Kaplan compliance plan

11/16/2009 8:16:31 PM

New York--The NYSE AMEX LLC has accepted Lazare Kaplan International Inc.'s compliance plan that outlines the steps it will take to avoid being suspended or delisted from the Exchange, a filing with the Securities and Exchange Commission (SEC) shows.

Lazare Kaplan now has until Dec. 31 to put that plan--which it submitted in mid October and was subject to Exchange approval--into action and regain compliance with the Exchange's continued listing standards.

According to the filing, during the extension period, Lazare Kaplan will be subject to "periodic review" by NYSE Regulation.

"Failure of the company to make progress consistent with the plan or to regain compliance with the continued listing standards by the end of the extension period could result in the company being delisted from the Exchange," the filing states.

Lazare Kaplan's Exchange saga started back on Sept. 16, when the company received a deficiency letter from the NYSE for failing to timely file its Annual Report on Form 10-K for the fiscal year ended May 31, 2009.

The New York-based Diamond Trading Co. sightholder received a second such notice on Oct. 20, according to the filing.

Lazare Kaplan previously announced it was delaying the filing of its annual report to resolve "material uncertainty concerning the collectability and recovery of certain assets and the company's potential obligations under certain lines of credit and guaranty," a past filing stated.

This filing stated that Lazare Kaplan believes its compliance plan provides a reasonable basis upon which to resolve these problems and file its annual report prior to Dec. 15.

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