Newspaper article The Florida Times Union

Morning Briefs

Newspaper article The Florida Times Union

Morning Briefs

Article excerpt


Jacksonville-based Trailer Bridge Inc. said Thursday it was appealing a ruling by Nasdaq that the company failed to comply with requirements for continued listing on the Nasdaq Small Cap Market.

Trailer Bridge said it requested a hearing with the Nasdaq Listing Qualifications Panel to review the exchange's April 15 ruling.

In early April, Trailer Bridge said it notified the Securities and Exchange Commission it would be late filing its annual report for the 2003 calendar year. The company said the filing was deferred pending the completion of audited financial statements by its new independent public accounting firm. Trailer Bridge is also obtaining information related to certain contingencies, including the refinancing of the company's revolving credit facility. No date has been set for the Nasdaq hearing.


LOS ANGELES -- A manager told employees that Northrop Grumman Corp. -- the nation's third-largest defense contractor -- lied to the Air Force about the readiness of radar-jamming equipment it was developing, court documents show.

The company also submitted fraudulent bills to the government, according to allegations in documents unsealed Wednesday by a federal judge in Chicago and reported by The Associated Press. The records are part of a nearly $370 million whistle-blower lawsuit against the company. A trial is scheduled for later this year.

As radar-evading equipment for the company's B-2 stealth bomber underwent a critical design review in 1985, one manager told employees the company had to live up to fabrications about the project's development, according to an allegation in one of the documents.

"We lied our teeth off" and "now we need to make these lies come true," the manager says, according to the document.

Northrop spokesman Frank Moore told the Los Angeles Times that the company would probably file a motion today to dismiss the lawsuit. …

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