China-Biotics (CHBT) Unable to Meet 10-Q Filing Deadline

China-Biotics, Inc. (CHBT) says it was unable to file its Quarterly Report on Form 10-Q for the period ended December 31, 2010 due to scheduling delays.

China-Biotics notes in its Form that due to the long Chinese New Year holiday, it faced “unexpected scheduling delays of key accounting and financial staff, and the Company was unable to finalize the treatment of certain accounting items prior to the filing deadline for the Form 10-Q. The resolution of these accounting items is not expected to have a material impact, if any, on the quarterly unaudited financial results as released in the Company’s earnings announcement on Wednesday, February 9, 2011.”

China-Biotics also said it will file the Form 10-Q as soon as practicable after it is finalized, which the company expects to be no later than Feb. 14, 2011.

CHBT lost 89 cents, or 6.41%, to $12.99 RTQ (real time quotes) at 1:10 pm E.T. in Nasdaq composite trading.

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About Ron Haruni 1070 Articles
Ron Haruni is the Co-Founder & Editor in Chief of Wall Street Pit.

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