Frozen Food Express Industries Inc has received a written staff determination notice from the NASDAQ stock market system stating that the company is not in compliance with Marketplace Rule 4310(c)(14). The Dallas TX-based temperature-controlled carrier has not filed its annual report on Form 10-K for 2005 in a timely manner; therefore, its securities are subject to delisting from NASDAQ.
The company disclosed March 17, 2006, that its filing of its annual report on Form 10-K for 2005 would be delayed to allow for the completion of a continuing audit committee investigation. This investigation is exploring allegations about questionable billing practices and other operational matters and the ongoing review of its internal controls over financial reporting.
Frozen Food Express plans to request a hearing before a NASDAQ listing qualifications panel to review the staff determination. Delisting will be stayed pending a decision by the hearing panel.