ARLINGTON, Va., Nov. 7 /PRNewswire-FirstCall/ -- Friedman, Billings, Ramsey Group, Inc. (FBR Group) (NYSE: FBR) today announced that on November 4, 2008, it was notified by the New York Stock Exchange (NYSE) that it was not in compliance with an NYSE continued listing standard in that the average price of its stock had fallen below $1.00 per share for a consecutive 30 trading-day period.
FBR Group intends to cure the deficiency and is exploring alternatives for curing the deficiency and restoring compliance with this continued listing standard. Under NYSE rules, FBR Group has six months from the date of the NYSE notice to do so.
FBR Group's common stock remains listed on the NYSE under the symbol FBR, but will be assigned a ".BC" indicator by the NYSE until compliance has been restored.
FBR Group's business operations, Securities and Exchange Commission reporting requirements, credit agreements, other debt obligations and its subsidiaries, including FBR Capital Markets Corporation (FBR Capital Markets) (Nasdaq: FBCM), are unaffected by this notification. FBR Capital Markets is a separately traded and managed public company.
Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR) invests in mortgage-related assets and merchant banking opportunities. FBR is headquartered in the Washington, D.C. metropolitan area. For more information, please visit http://www.fbr.com.
Statements concerning future performance, developments, events, market forecasts, revenues, expenses, earnings, run rates and any other guidance on present or future periods, constitute forward-looking statements that are subject to a number of factors, risks and uncertainties that might cause actual results to differ materially from stated expectations or current circumstances. These factors include, but are not limited to, changes in interest rates, increased costs of borrowing, decreased interest spreads, changes in mortgage pre-payment speeds, risks associated with merchant banking investments, the realization of gains and losses on principal investments, available technologies, competition for business and personnel, and general economic, political and market conditions. These and other risks are described in the Company's Annual Report and Form 10-K and quarterly reports on Form 10- Q that are available from the Company and from the SEC.
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