Parlux Granted Conditional Continued Listing on Nasdaq
12 Marzo 2007 - 4:00PM
PR Newswire (US)
FORT LAUDERDALE, Fla., March 12 /PRNewswire-FirstCall/ -- Parlux
Fragrances, Inc. (NASDAQ:PARL) announced that the Nasdaq Listing
Qualifications Panel (Panel) has determined to grant the request of
Parlux for continued listing on The Nasdaq Stock Market, subject to
the condition imposed by the Panel that, on or before March 31,
2007, Parlux shall file its Form 10- Q for its second fiscal
quarter ended September 30, 2006 and its Form 10-Q for its third
fiscal quarter ended December 31, 2006. Although Parlux is
diligently working to file its late reports on Form 10- Q with the
Securities and Exchange Commission (SEC) as soon as it can, it is
possible that Parlux will be unable to meet the March 31, 2007
deadline imposed by the Panel to file its late reports on Form
10-Q. The Panel has indicated that it is unwilling to grant
additional time or further extensions to Parlux. If Parlux does not
file its late reports on Form 10-Q on or before March 31, 2007, it
will receive notice of the immediate suspension of its securities
from trading on, and its common stock may be delisted from, The
Nasdaq Stock Market. In that event, Parlux's common stock may be
quoted in the future on the OTC Bulletin Board, provided that a
market maker files the necessary application with the NASD and such
application is cleared. As most recently reported in Parlux's
Notification of Late Filing on Form 12b-25 filed with the SEC on
February 12, 2007, the filing of its reports on Form 10-Q for the
fiscal quarters ended September 30, 2006 and December 31, 2006 has
been delayed pending the completion of an independent investigation
by special counsel and independent forensic accountants engaged by
Parlux's Audit Committee. The investigation is focused on, and was
the result of, allegations made in a Consolidated Amended Class
Action Complaint filed on November 8, 2006, including, among
others, that Parlux improperly recognized revenue on sales to
related parties and failed to comply with SEC disclosure rules. The
investigation is nearing completion. Based on the findings of the
investigation to date, Parlux expects that the investigation will
conclude that there is no merit to any of the allegations. Before
Parlux can file its late reports on Form 10-Q for the two quarterly
periods, its independent auditor will have to be satisfied with the
scope and conclusions of the investigation. Parlux's independent
auditor is in the process of reviewing the scope and findings of
the investigation to date. In the meantime, Parlux is diligently
working to complete its late reports on Form 10-Q. Parlux's
independent auditor also has started to review the reports so that
Parlux may be able to file the reports with the SEC shortly
following the completion of the investigation. As previously
reported, on February 14, 2007, the United States District Court
for the Southern District of Florida entered an order granting the
motion of the defendants, including Parlux, to dismiss the Amended
Class Action. The Court held that the allegations in the Amended
Class Action failed to meet the pleading requirements applicable to
the case. This dismissal was without prejudice to the filing of
another amended complaint by the plaintiffs, however, the
plaintiffs did not file another amended complaint within the time
period set by the Court. As a result, the plaintiffs now are unable
to file another amended complaint. Parlux intends to request a
review by the Nasdaq Listing and Hearing Review Council (Council)
of the Panel's decision to impose the March 31, 2007 deadline, and
as to other aspects of the Panel's decision. There can be no
assurance that the Council will grant an extension of that
deadline, or that the request for a review will be considered or
acted upon by the Council prior to the deadline passing, or that
Parlux can achieve full compliance with all requirements of The
Nasdaq Stock Market. Making the request for a review with the
Council will not stay the suspension and likely delisting of
Parlux's common stock from The Nasdaq Stock Market if its late
reports on Form 10-Q are not filed on or before March 31, 2007.
About Parlux Fragrances, Inc. Parlux Fragrances, Inc. is a
manufacturer and international distributor of prestige products. It
holds licenses for Paris Hilton fragrances, watches, cosmetics,
sunglasses, handbags and other small leather accessories in
addition to licenses to manufacture and distribute the designer
fragrance brands of GUESS?, XOXO, Ocean Pacific (OP), Maria
Sharapova, Andy Roddick, babyGund, and Fred Hayman Beverly Hills.
Certain Information Regarding Forward Looking Statements This press
release includes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1034, as amended, regarding,
among other things, our plans, strategies and prospects, both
business and financial. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors that may
cause actual results, performance or achievements of Parlux or its
industry to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. These risks and uncertainties include,
among others, that the ongoing forensic accounting investigation
will be completed promptly with no materially adverse conclusions,
and that Parlux will be able to file the late reports on Form 10-Q
with the SEC in time to continue to maintain the listing of its
common stock on The Nasdaq Stock Market. Readers are cautioned not
to place undue reliance on these forward-looking statements, which
speak only as of the date hereof. Parlux undertakes no obligation
to publicly release the result of any revision to these
forward-looking statements that may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events. DATASOURCE: Parlux Fragrances, Inc. CONTACT:
Neil Katz, Chief Executive Officer of Parlux Fragrances, Inc.,
+1-954-316-9008 Web site: http://www.parlux.com/ Company News
On-Call: http://www.prnewswire.com/comp/674987.html
Copyright
Grafico Azioni Parlux Fragrances, Inc. (MM) (NASDAQ:PARL)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Parlux Fragrances, Inc. (MM) (NASDAQ:PARL)
Storico
Da Lug 2023 a Lug 2024