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Lazare Kaplan Subject to SEC Action over Failure to Submit Filings
Dec 31, 2015 2:09 AM
By Rapaport News
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RAPAPORT... The Securities and Exchange Commission (SEC) has filed
administrative proceedings against Lazare Kaplan International Inc. alleging the
New York diamond manufacturing firm failed
to submit periodic reports since February 2009.
The
SEC alleges Lazare Kaplan did not comply with the Exchange Act and it will
consider whether to suspend trading in the company’s shares for up to 12 months
or revoke its registration, according to a filing December 8.
In a response December 21, the company, listed on OTC Link, said it had
been unable to resolve a “material uncertainty” over the collectability and
recovery of certain assets and the company’s potential obligations under
certain lines of credit and a guaranty. These uncertainties resulted in the
company bringing
a lawsuit against Belgium’s KBC Bank N.V. and its now defunct subsidiary Antwerp
Diamond Bank N.V. in 2011.
Successfully resolving the
uncertainties, including the lawsuit, would let the company finalize its
financial statements and file the relevant forms, according to the response.
The company expects the administrative
law judge assigned to the proceeding will issue an initial decision by April 9.
The company said it does not expect to be up to date with filings by then. Should it have its registration under the Exchange Act revoked, Lazare Kaplan
intends to re-register its common stock, but the company said it gives no
assurance that it will resume being a publicly traded company.
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Tags:
Lazare kaplan, Lazare Kaplan International Inc., legal, Rapaport News, Securities and Exchange Commission
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