LJ International Inc (LJI) one of the leading jewelry companies in the world and, through its ENZO brand, the largest foreign jewelry retailer in China announced that the Nasdaq Listing Qualifications Panel has granted the Company's request for continued listing on The Nasdaq Global Market, subject to the condition that on or before December 31, 2007, the Company shall file its Form 20-F for the fiscal year ended December 31, 2006.
The Company noted that the Nasdaq Listing and Hearing Review Council may, on its own motion, determine to review any Panel decision within 45 calendar days after issuance of the written decision.
If the Listing Council determines to review this decision, it may affirm, modify, reverse, dismiss, or remand the decision to the Panel.
The Company also announced the resignations of the three independent directors of the Company comprising its Audit committee.
The Company noted that each of the resignations was for personal reasons and was primarily related to the recently filed federal class action lawsuits and shareholder derivative complaint.
None of the resigning directors expressed any disagreement between themselves and the Board of Directors of the Company in connection with their resignations. The Company believes that the lawsuits are without merit and intends to vigorously defend against them.
The Company noted that the Nasdaq Listing and Hearing Review Council may, on its own motion, determine to review any Panel decision within 45 calendar days after issuance of the written decision.
If the Listing Council determines to review this decision, it may affirm, modify, reverse, dismiss, or remand the decision to the Panel.
The Company also announced the resignations of the three independent directors of the Company comprising its Audit committee.
The Company noted that each of the resignations was for personal reasons and was primarily related to the recently filed federal class action lawsuits and shareholder derivative complaint.
None of the resigning directors expressed any disagreement between themselves and the Board of Directors of the Company in connection with their resignations. The Company believes that the lawsuits are without merit and intends to vigorously defend against them.
