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Tuesday, Sep 26, 2023

Farmer Bros. Gets Delisting Notice

Farmers Bros. Co. said Friday it had received a notification letter Thursday from the Nasdaq stock market, advising it that risked delisting for failure to file its annual report on time with SEC.

The Torrance manufacturer, wholesaler and distributor of coffee, tea and culinary products was expected to file Form 10-K for the fiscal year ending June 30, 2013 by Sept. 30, but failed to do so. The company’s listing or trading of common stocks on Nasdaq will not be affected immediately by the notification letter.

It will have 60 days to submit a plan to Nasdaq to explain how it will regain compliance with the rule. If the plan is approved, the company will have up to 180 days from the due date of its Form 10-K, or until March 31, 2014, to carry it out.

The company disclosed in its current report, released Sept. 11, that there were certain errors in the calculation of its postretirement benefit obligations, and announced two days later that its Form 10-K would be delayed till Sept. 30 because more time was needed to in obtain and compile the financial data necessary to complete the restatement. It missed that deadline.

The announcement came after the markets closed. Farmer Bros. closed Oct. 3 at $15.81, up 1.8 percent.

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