Lazare Kaplan International announced it had received a Deficiency Letter from the NYSE relating to its failure to timely file its Annual Report on Form 10-K for the fiscal year ended May 31, 2009.
The NYSE informed LKI that the timely filing of its annual report is a condition for its continued listing on the exchange, and its failure to file the annual report is a material violation of its listing agreement with the exchange. It noted that the exchange is authorized to suspend, and, unless prompt corrective action is taken, remove LKI’s common stock from the Exchange.
LKI replied it intends to submit a plan of compliance by September 30, 2009. If the company does not submit a plan, or submits a plan that is not accepted, it will be subject to delisting proceedings.