Manitowoc-based Orion Energy Systems Inc. announced it has received a notice from NYSE Amex LLC indicating that the company was not in compliance with the stock exchange’s continued listing criteria because it did not timely file its third quarter report.
To maintain its exchange listing, the company plans to submit a plan to bring the company into compliance with the listing standards no later than May 14. The company’s plan of compliance will explain that, as previously reported, due to the complexities and complications associated with the restatement of its financial statements to recognize revenue from sales of its solar photovoltaic systems using the percentage-of-completion method rather than based upon multiple deliverable elements, the company was not able to file its quarterly report within a five-day extension period afforded by Securities Exchange Commission (SEC).
The company will work “expeditiously” to file its Form 10-Q for its third quarter in May or June after it completes the re-audit of its fiscal 2011 year-end financial statements.
