True Religion Receives Delisting Notice

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True Religion Apparel Inc. said late Friday that it received a letter from the Nasdaq Stock Market warning the premium denim maker that it could be delisted due to a delay in filing its latest quarterly earnings report.


The company said earlier this month that it needed more time to restate its earnings for the 2005 and 2006 fiscal years as well as the first and second quarters of 2007. The company said it will also voluntarily review the accounting for stock-based compensation awarded in 2003 and 2004.


True Religion said it will file its report for the quarter ended Sept. 30 once it finishes its stock-based compensation analysis and files the restated reports, but gave no more specifics.


Vernon-based True Religion said it will request a hearing before the Nasdaq Listing Qualifications Panel in response to the letter.


Shares in True Religion fell 6.8 percent, or $17.24, to $17.10 in afternoon trading Monday on the Nasdaq. Shares have gained 13 percent so far this year.

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