Rockwell Diamonds Delays Annual Filings
Post Date: 02 Jun 2009 Viewed: 869
Rockwell Diamonds has announced the delayed filing of the company's financial statements for the year ending on February 28, 2009.
Rockwell Diamonds’ Management and the Audit Committee concur with its auditors that it will be unable to file the required documents prior to the required deadline primarily because of an apparent material breakdown in the company's internal controls. The latter reportedly stems from changes arising over the last six months including a change of the CFO, change of year-end and change of auditors.
The company stated that it is working with its accounting staff and its auditors to address the issues raised by the auditors and anticipates that it expects to file the required documents on or before June 26, 2009.
In the interim, the company will apply to the applicable securities regulatory authorities for a management cease trade order related to the company's securities to be imposed against some or all of the persons who are or have been directors, officers or insiders of the company for so long as the documents are not filed. If the request is granted, a management cease trade order would not generally affect the ability of persons who have not been directors, officers or insiders of the Company to trade the securities of the Rockwell Diamonds.