Wednesday, March 26, 2008 (USA)
True Religion Apparel Inc announced that it received a Nasdaq Staff Determination letter stating that the Company is not in compliance with the filing requirements for continued listing as set forth in Nasdaq Marketplace Rule 4310(c)(14) due to the Company's failure to timely file its Annual Report on Form 10-K for the year ended December 31, 2007.
The Company also announced that it has received an extension to April 30, 2008 from the Nasdaq Listing Qualifications Panel to file its Annual Report on Form 10-K for the year ended December 31, 2007, its Quarterly Report on Form 10-Q for the quarter ended September 30, 2007 and its restated financial reports for the fiscal years ended December 31, 2005 and 2006, including the quarters therein, and the quarters ended March 31, 2007 and June 30, 2007.
The Company announced on November 7, 2007 that it would need to restate its previously issued consolidated financial statements for the fiscal years ended December 31, 2005 and 2006, including the quarters therein, and the quarters ended March 31, 2007 and June 30, 2007 due to certain accounting errors. At that time, the Company also announced that it would voluntarily review the accounting for its historical equity granting practices.
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