Armored vehicle maker Force Protection Inc. said Monday it has received a delisting notice from the Nasdaq Stock Market due to the delay in filing its financial results for the year ended Dec. 31.
The company said it has been granted a hearing before the Nasdaq Listing Qualifications Panel to review Nasdaq's determination on its continued listing. The panel will then consider whether such delisting is appropriate.
Separately, the company said that its independent accounting firm Elliott Davis LLC informed Force Protection last week that it was resigning, effective immediately. The company is currently looking for a replacement.
Elliott Davis said that material weaknesses identified by the company earlier this month and the company's lack of internal controls prevent it from completing its audit and forming an opinion.
On March 3, Force Protection said it planned to restate previously reported financial statements for the three- and nine-month periods ended Sept. 30, 2007, as a result of accounting errors identified by management during its year-end review associated with inventory bought from a subcontractor as a result of a contract termination. Management is continuing to examine the company's accounting for such transactions, Force Protection said.
Force Protection shares jumped 22 cents, or 12.2 percent, to close at $2.03. Shares fell 23 cents, or 11.3 percent, to $1.80 in aftermarket trading.
Terms & Conditions
RSS Headlines
Fool UK