Lazare Kaplan to be Delisted from NYSE Amex

Lazare Kaplan International (LKI) is facing delisting from the NYSE Amex. The struggling diamond firm received a notice from the exchange on its intent to strike LKI's common stock due to its failure to file its annual report.

LKI said that its inability to resolve a "material uncertainty" relating to debt and asset collection prevents it from filing the financial report. On April 30, LKI filed a $140 million lawsuit against a number of its insurers.

The Diamond Trading Company (DTC) Sightholder claimed in the lawsuit that it lost $94 million on sales that were not paid for. A total of $46 million are part of a “physical loss (…) resulting from the cutting and polishing operations in the Namibia manufacturing facility, Rough Diamond Trading China operations, and the DTC Sight operations.”