Nasdaq has advised Life Partners Holdings Inc. that the company must provide a plan for regaining compliance with Nasdaq filing rules by Aug. 1 or face the possible loss of its listing.
Life Partners, Waco, Texas (Nasdaq:LPHI), creates a secondary life insurance market that helps match policy sellers with investors.
The company has postponed filing its Form 10-K annual report for the company fiscal year ending Feb. 28, 2011, and the 10-Q quarterly report for the quarter ending May 31, 2011, because of questions about accounting rules. The company recently hired new auditors.
If Life Partners submits a plan for coming back into compliance with Nasdaq listing rules, Nasdaq can give the company up to 180 days to regain compliance, the company says.
Life Partners intends to submit a plan for regaining compliance, the company says.
- Allison Bell