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Physicians Formula delisting threat

Executive Summary

Embattled makeup brand is threatened with delisting from NASDAQ if it does not appoint a new independent director to the board of directors, according to Physicians Formula's June 3 release. On June 1, the company received a staff deficiency letter from NASDAQ notifying it of noncompliance with the stock exchange's independent director requirement. Jeff M. Berry resigned from Physicians Formula's board and committees May 29 when he was appointed interim chief financial officer (1"The Rose Sheet," May 25, 2009, p. 10, People In Brief). Following his resignation, two of the board's four remaining directors are independent, and the company has two independent directors sitting on its audit committee. Physicians Formula has until Nov. 25 to restore compliance and is in the process of evaluating candidates; it will fill the vacancy "as expeditiously as possible" and before the given deadline, the firm says
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