Frozen Food Express Receives Nasdaq Non-Compliance Notice

Click here to write a Letter to the Editor.

rozen Food Express Industries Inc. it had received a notice from the Nasdaq Stock Market saying it was not in compliance with Nasdaq rules.

The notice, Frozen Food said, told the Dallas-based company it was not in compliance with Nasdaq’s rules “because it has not timely filed its annual report” for 2005.

The company said it disclosed on March 17 it would be delaying this annual report “delayed to allow for the completion of a continuing . . . investigation of unsubstantiated allegations relating to questionable billing practices and certain other operational matters and the ongoing review of its internal controls over financial reporting.”

The company also said it intended to request a hearing before Nasdaq Listing Qualifications Panel to review its situation, adding that a “delisting will be stayed pending a decision by the hearing panel.”

Frozen Food Express is ranked No. 44 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies.