True Religion provides update on financial report filing status

17 Mar '08

2 min read

True Religion Apparel Inc announced that it has requested an extension from the Nasdaq Listing Qualifications Panel to file by April 30, 2008 its 2007 Form 10-K, September 30, 2007 Form 10-Q 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.

On January 9, 2008, the Company participated in a hearing before the Nasdaq Listing Qualifications Panel and requested an extension to March 17, 2008 to file its Current Report on Form 10-Q for the fiscal quarter ended September 30, 2007, along with the restated financial reports. In February 2008, the Nasdaq Listing Qualifications Panel granted the Company's requested extension.

The Company's review of its historical equity granting practices was completed in the timeframe outlined to the Nasdaq Listing Qualifications Panel and the Company's independent auditors are auditing the findings of that review and the adjustments made by management to correct the errors in the Company's previously issued financial reports.

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