Deckers Outdoor Corporation announced that on August 13, 2007, the Company received a determination letter from the staff of the Nasdaq Stock Market indicating that the Company is not in compliance with the SEC filing requirements for continued listing on the Nasdaq Global Select Market, as set forth in Marketplace Rule 4310(c)(14).
As anticipated, the letter was issued in accordance with Nasdaq procedures due to the delayed filing of the Company's Quarterly Report on Form 10-Q for the period ended June 30, 2007. The Company has requested a hearing before the Nasdaq Listing Qualifications Panel to review the staff's determination.
The hearing request will automatically stay the delisting of the Company's common stock, and shares of the Company's common stock will continue trading on the Nasdaq Global Select Market, pending the outcome of the Panel's decision. However, there can be no assurance that the Panel will grant the Company's request for continued listing as a result of the hearing.
As the Company previously reported in its Current Report on Form 8-K dated July 26, 2007 and in its Form 12b-25 Notification of Late Filing dated August 9, 2007, the Audit Committee of the Company's Board of Directors, assisted by independent outside legal counsel, has undertaken an internal review of employee payroll declarations and certain tax payments that were underreported and underpaid by certain of the Company's foreign subsidiaries in foreign jurisdictions.
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