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Force Protection to restate earnings today

Staff reports
Monday, September 15, 2008


The time has come to disclose or delist for Force Protection Inc.

Nasdaq Stock Market officials gave the armored vehicle maker until today to restate its 2007 earnings, which the company has warned will be "significantly lower" than the 2006 profit of $16.6 million. Shares of the publicly traded Ladson-based manufacturer could be delisted if the company fails to meet today's deadline.

The company has said it plans to file the reports with the Securities and Exchange Commission by today.

Since coming under new management, Force Protection has said that some of its previous earnings reports contained errors and that its internal accounting controls were "ineffective."

Nearly a dozen lawsuits seeking class-action status followed those disclosures, with investors alleging the company misled them. The company has denied any wrongdoing in court documents.

The manufacturer makes armored vehicles for the military. The trucks are built with a V-shaped hull that protects occupants from blasts from mines and improvised explosive devices in places like Iraq and Afghanistan. The vehicles are credited with saving numerous lives.

Shares of Force Protection peaked at $30.27 in May 2007. The stock has since tanked. It closed Friday at $3.69, down 6 cents.

Check back with Charleston.net later for more information.

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