Crumbs Bake Shop Just Fulfilled Auditor Rothstein Kass’ Going Concern Prophecy
Only a few short weeks ago (May 15, to be exact), Rothstein Kass expressed substantial doubt about Crumbs' ability to continue as a going concern in a 10-Q filed with the SEC for the quarter ended March 31, 2014: The accompanying condensed consolidated financial statements have been prepared in conformity with GAAP, which contemplates the […]
LECG Throws in the Towel; Won’t Continue to Meet Nasdaq Listing Standards
DoD will officially be April 21, 2011 according to the company’s press release. Obviously whomever’s left will be celebrating the high holiday the night before.
LECG Corporation (NASDAQ: XPRT) announced today that it is terminating its listing on the Nasdaq Global Market as of the close of business on April 21, 2011. The company has previously received notice from Nasdaq that it has failed to maintain a minimum bid price of $1 per share. In light of its current financial condition, the company does not anticipate the minimum bid price for its common stock returning to a level of excess of $1 per share. In addition, in light of its current financial condition and certain publicly-disclosed recent asset sales, the company does not anticipate being able to continue to meet other Nasdaq listing standards in the future. Further, in light of recent resignations, a majority of the members of the Company’s board of directors do not qualify as independent. Following the termination of its listing on Nasdaq, the company intends to terminate its public reporting obligations under the Exchange Act as soon as possible.
[via Francine McKenna via ZH]
Earlier coverage of LECG Implosion:
LECG Fire Sale Continues; San Fran Forensic Accounting Group Joins FTI Consulting
WeiserMazars Moves into Chicago as Part of Acquisition of LECG Units
LECG Selling Off Practice Groups to FTI, Grant Thornton, WeiserMazars
The Nasdaq Would Like to Know When Koss Is Going to Get Around to Submitting Some Financial Statements
Remember last month when Koss decided to file their 10-Q without financial statements? At the time the company said it was “due to delays relating to certain previously disclosed unauthorized transactions.”
In other words, we got ripped off so bad that we’re restating financial statements for half a decade and it isn’t exactly something you can whip up like a batch of maui wowie brownies.
The Nasdaq has taken note of the slight delay and has said if you don’t get us numbers by June 30, you’ll be on the pink sheets with the likes of Lehman Brothers.
CEO Michael Koss has assured everyone that it won’t come to this but obviously we’ll have to wait until the SEC posts the filing. If that doesn’t happen, you’ll be able to add “Koss Delisted by Nasdaq” to Suz’s list of destructive accomplishments.
Koss gets warning from Nasdaq [Milwaukee Business Journal]