The Children's Place Retail Stores Inc announced that, as anticipated, it received a Nasdaq Staff Determination letter dated December 12, 2006 from the Nasdaq Stock Market.
The letter states that because the Company has not filed its Quarterly Report on Form 10-Q for the third quarter ended October 28, 2006, with the Securities and Exchange Commission, Nasdaq has an additional basis for delisting the Company's securities from The Nasdaq Global Select Stock Market.
In accordance with Marketplace Rule 4804(c), the Company will respond to the Nasdaq Listing Qualifications Panel (the "Panel") regarding this additional deficiency.
The letter states that the Panel will consider this matter in rendering its determination about the Company's continued listing.
The Company anticipated receipt of this notice since, as previously announced, it received an initial Staff Determination letter indicating that the Company was not in compliance with the filing requirements for continued listing due to the Company's inability to file its Quarterly Report on Form 10-Q for the second quarter ended July 29, 2006.
The Company appealed the initial Staff Determination at a hearing before the Panel on October 26, 2006. The Panel has not yet rendered a decision. Pending a decision by the Panel, the Company's common stock will remain listed on The Nasdaq Global Select Stock Market.
However, there can be no assurance that the Panel will grant the Company's request for continued listing.
As previously announced, an investigation into the Company's stock option practices is being conducted by outside counsel and is under the supervision of a Special Committee of the Board of Directors.
The Board is committed to completing the investigation and resolving these issues as quickly and diligently as possible.
The Children's Place Retail Stores Inc