Parlux gets conditional listing
This article was originally published in The Rose Sheet
Executive Summary
Nasdaq Listing Qualifications Panel grants Parlux's request for continued listing on the stock market subject to the condition that Parlux files its delayed financials on or before March 31, company states March 12. The firm, which presented before the panel earlier this month, has yet to report fiscal year 2006 Q2 and Q3 results (1"The Rose Sheet" March 5, 2007, In Brief). Nasdaq said it will immediately suspend Parlux from trading on the market and may delist its common stock if the firm misses the deadline. Parlux attributes the delay to an ongoing investigation by its audit committee, noting that the company cannot file its reports until the investigation is complete. The committee is investigating a class action suit alleging Parlux "improperly recognized revenue on sales to related parties and failed to comply with SEC disclosure rules." The firm plans to ask the Nasdaq Listing and Hearing Review Council to weigh in on the panel's March 31 deadline...
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