(RTTNews) - Integra LifeSciences Holdings Corp.
(IART), a provider of medical instruments, on Monday announced the receipt of a non-compliance notice from the Nasdaq stock market due to its failure in making a timely filing of Form 10-K for the fiscal year ending December 31, 2007 with the Securities and Exchange Commission.
The notice, received on March 18, 2008, also indicated that the company's common stock would be delisted from the Nasdaq unless the company timely requests a hearing before a Nasdaq Listing Qualifications Panel.
The Plainsboro, New Jersey-based Integra said that the hearing before the Nasdaq Panel will result in a stay of the delisting of its common stock pending the Nasdaq Panel's review and determination. Integra plans to make a timely request. However, there can be no assurance that the Panel will grant the company's request for continued listing.
According to the company, it filed a Form 12b-25 Notification of Late Filing on February 29 regarding its Form 10-K for fiscal 2007 due to an ongoing review and approval of certain account reconciliations, the company's tax provision for the fourth quarter and fiscal 2007 and deferred tax balance sheet accounts. The company has identified a material weakness in its internal control over financial reporting with respect to the review and approval of certain account reconciliations, particularly in the areas of accrued liabilities, income taxes, intercompany and certain other asset accounts. This material weakness delayed the review and approval of certain accounts, including intercompany accounts related to certain of its locations, primarily its Tullamore, Ireland and Andover, England facilities, its tax provision for the quarter and year, and its deferred tax balance sheet accounts.
Integra stated that it plans to file the Form 10-K as soon as possible after the completion of its audited financial statements for fiscal 2007.
IART closed Thursday's trade at $43.36, up $0.67, on a volume of 541,200 shares.
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