Archipelago Learning (ARCL)
Company Profile: Archipelago Learning is a subscription-based online education company that provides standards-based instruction, practice, assessments and productivity tools.Current Share Price: $9.94 (May 27) Listing Violation: Board independence. The listing rule requires the board of directors to have a majority of members who are independent. Received Nasdaq Notice: May 16 Management's Expected Action: On April 5, Michael Powell resigned from the company's board of directors, leaving Archipelago out of compliance with the board independence requirement. The company said it plans to fill the vacancy on the board with an independent candidate in the near future to regain compliance.
China Automotive Systems (CAAS) Company Profile: China Automotive Systems makes power-steering systems and other component parts for cars. Current Share Price: $7.70 (May 27) Listing Violation: Delinquent. In March, China Automotive Systems was hit with a separate delisting notice after it failed to file its annual 10-K report with the SEC in a timely manner. Received Nasdaq Notice: May 16 Management's Expected Action: China Automotive announced previously that it has to restate financial statements for fiscal 2009 and the first three quarter of fiscal 2010 due to the accounting treatment of its convertible notes issued in February 2008. Because of the restatement, China Automotive has failed to submit its Form 10-K for 2010 and the Form 10-Q for the first quarter of 2011. In response to the Nasdaq's letter, China Automotive provided its plan for regaining compliance on May 13. The company said it believes that it will be able to file its amended reports before the end of June 2011, and it expects that these filings will allow it to regain compliance with the Nasdaq listing rules.
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