Sportswear maker Cutter & Buck Inc has been warned by the Nasdaq National Market that it's stock could be delisted because it has failed to maintain at least three years of audited financial statements.

Nasdaq believes the company is in violation of this rule because of a delay in filing its annual report for the year ended 30 April 2002 and the planned restatements for fiscal 2000 and 2001.

Cutter & Buck says it will be requesting a hearing on the matter. It also says it expects its audit for fiscal year 2002 and the restatement of its financial statements for fiscal years 2000 and 2001 to be completed by mid September - which would bring it in line with Nasdaq's rule.