Lazare Kaplan International Inc. received a deficiency letter from NYSE Regulation relating to the company’s failure to file its quarterly report on Form 10-Q for the period ended February 28th.
In this letter, the NYSE informed the company that the timely filing of such reports is a condition for the company’s continuing listing on the Exchange. In addition, the company’s failure to timely file this report is a material violation of its listing agreement with the Exchange. The Exchange is authorized to suspend, and unless prompt corrective action is taken, remove the company’s common stock from the Exchange.
In January, Lazare Kaplan was granted an extension until the of May to regain compliance with the exchange’s continued listing standards. The company announced in November it could not file its financial report on time.