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Parlux to defend before Nasdaq

This article was originally published in The Rose Sheet

Executive Summary

Parlux Fragrances must present before a Nasdaq panel or face delisting of its securities from the market, company announces. After the firm delayed filing its December report with the Securities and Exchange Commission, Nasdaq asked the firm to present an explanation to the Nasdaq Listing Qualifications Panel. Parlux has delayed filings in the past, including its as-yet-unfiled September report. The company is also facing a class action suit, filed Nov. 8, 2006, that consolidates five previously filed class action complaints from August and September 2006. The suit alleges that Parlux "knowingly made false statements about its revenues and profitability beginning on Feb. 8, 2006," and that the company's directors sold company shares "while allegedly in possession of material non-public information." Parlux is currently undergoing investigation by an independent audit committee...

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