Rica Foods has failed to meet continued listing standards on the American Stock Exchange (AMEX).
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An investigation was launched by Rica in December following shareholder allegations of undisclosed transactions between the company, Calixto Chaves, Rica CEO 1996 to 2005, and Industrius Avicolas Integrades. Although the investigation is ongoing, the company believes that the alleged transactions will have an effect on Rica’s financial statements since 1999.
As a result of the investigation’s findings to date, Rica’s independent auditor, Stonefield Josephson, has withdrawn its audit reports for the years 2002-4. In light of this, AMEX has informed the company that these annual filings are now considered defective, violating Rica’s listing agreement with AMEX.
In order to maintain its AMEX listing, the company must submit a compliance plan by 10 January. If the plan is acceptable, the company will remain listed pursuant to an extension; if not, the company may be delisted.
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