FNB United (FNBN)
Company Profile: FNB United offers a complete line of consumer, mortgage and business banking services, including loan, deposit, cash management, investment management and trust services.Current Share Price: 34 cents (March 29) Listing Violation: Market value/equity/net income. Stockholders' equity was less than $2.5 million as of Dec. 31, and the company doesn't meet the alternative standards of market value of listed securities or net income from continuing operations. Received Nasdaq Notice: March 16 Management's Expected Action: FNB United has until May 2 to submit a plan to regain compliance with the continued listing standards. FNB United said it intends to submit a plan to regain compliance by the May 2 deadline but warned that it can give no assurance that its plan will be accepted or, if accepted, the plan will be successfully implemented by Sept. 12.
China MediaExpress Holdings (CCME) Company Profile: China MediaExpress operates a television advertising network on inter-city express buses in China. Current Share Price: $11.88 (Trading halted since March 11) Listing Violation: Delinquency. China MediaExpress failed to file its annual 10-K report with the SEC in a timely manner. Received Nasdaq Notice: March 16 Management's Expected Action: China MediaExpress is required to submit a plan of compliance regarding the filing of its Form 10-K not later than March 31, according to the Nasdaq. The company said it intends to comply with Nasdaq's requirements on or before the deadline. China MediaExpress has more pressing issues to deal with. On March 14, China MediaExpress said its audit firm, the Chinese affiliate of Deloitte & Touche, had determined it "was no longer able to rely on the representations of management, and recommended that certain issues encountered during the audit be addressed by an independent investigation." China MediaExpress CFO Jacky Lam also resigned. The news came weeks after short sellers, who profit from a stock's decline, accused China MediaExpress of fraud. Shares of China MediaExpress, halted since March 11, are down 25% this year.
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