Last week, the NASD advised it would delist stock in the Miami-based homebuilder within 30 days unless the company meets required public reporting deadlines. Besides the company's common stock, the proposed regulatory action also would affect the preferred stock and warrants the company has issued.
Earlier this month, the company advised shareholders it could not meet a deadline for filing its annual report with the Securities and Exchange Commission. In explaining why, the company offered the following reasons:
"In 2000, the registrant substantially reduced its operations, sold assets to reduce its indebtedness, downsized its workforce, outsourced substantially all of its administrative and management functions, and moved its offices (and corporate records) several times," according to SEC documents.
"Due to these changes, the registrant has not had the personnel and other resources necessary to complete and file its annual report on Form 10K for the fiscal year ended Dec. 31, 2000, by the March 31, 2000 deadline."
The announcement by the regulatory trade group comes as the company last reported a net loss of $10.1 million, or $1.81 a share, on revenue of $35.5 million for the nine months ended Sept. 30, 2000, compared with a net loss of $33 million, or $3.65 a share, on revenue of $44.8 million for the same period in 1999.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
