True Religion Apparel Inc announced that it will request a hearing before the Nasdaq Listing Qualifications Panel in response to the receipt of a Nasdaq Staff Determination letter on August 14, 2007, indicating that the Company is not in compliance with the filing requirements for continued listing under Nasdaq Marketplace Rule 4310(c)(14).
As anticipated, this letter was issued in accordance with Nasdaq procedures due to the delayed filing of the Company's Form 10-Q for the quarter ended June 30, 2007. Pending a decision by the Panel, the Company's shares will remain listed on the Nasdaq Global Market.
As previously announced on August 7, 2007, the Company currently is addressing a question regarding the $1.2 million expense recorded in the first quarter of 2007 when it changed its restricted stock compensation accounting method.
The Company is considering if some, or all, of this expense should have been recorded in 2006 instead of 2007, and if any revision to its prior year financial statements is necessary. The Company intends to file its quarterly report on Form 10-Q for the quarter ended June 30, 2007, as soon as practicable after reaching a conclusion on this matter.
True Religion Apparel Inc
marketing@alchempro.com
