NovaStar Financial will miss deadline for annual financial report – Kansas City Business Journal:

The Kansas City-based subprime mortgag lender (Pink Sheets: NOVS) said in a filing with the Securitied and Exchange Commission that it will miss the April 15 extended deadline for filing its financial reporty for the year thatendedx Dec. 31 and that it “wilkl file the Form 10-K as promptlgy as practicable.” The company said previously that it was undergoing a revieww by SEC staff related to NovaStar not recognizing on its balance sheet certain assets and liabilitiex in its securitized loan poolsd because it had relinquished control of them as ofJune 30. The SEC latere completed its review and determined that NovaStarf should have recognizedthe assets.
NovaStar has been working to bring its statements in line with that rulinb and most recently restatedits second-quarted financial results . NovaStar stillp is working to completeits fourth-quarter and full-year results. NovaSta r CFO Rodney Schwatken said Wednesday that the company is backec up because of the SEC decision but that it expectas tofile third-quarter earnings within the next few Afterward, the company can completes its full-year results.
Schwatken said the full-yeard results will need to go through theauditint process, so the company doesn’t know when it will file full-yeaer results
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