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KV Pharmaceutical Receives Letter From NYSE Regarding Delayed Filing of Its 2009 Annual Report on Form 10-K
Date:6/22/2009

ST. LOUIS, June 22 /PRNewswire-FirstCall/ -- KV Pharmaceutical Company (NYSE: KVa/KVb) (the "Company") today announced that it received a letter from NYSE Regulation, Inc. (the "NYSE") on June 16, 2009 informing the Company that it is subject to certain procedures as specified in Section 802.01E of the NYSE's Listed Company Manual ("Section 802.01E") as a result of its failure to timely file its Annual Report on Form 10-K for the fiscal year ended March 31, 2009 (the "2009 Annual Report") with the Securities and Exchange Commission (the "SEC").

Section 802.01E provides that the NYSE will monitor the Company and the status of the Company's filing of the 2009 Annual Report for a six-month period from the filing due date for the 2009 Annual Report. If the 2009 Annual Report is not filed with the SEC upon expiration of such six-month period, the NYSE will, in its sole discretion, determine whether to provide the Company with an additional six-month period in which to file the 2009 Annual Report. The letter also states that, regardless of the procedures specified in Section 802.01E and if circumstances warrant, the NYSE could commence delisting procedures at any time during any period that is available to complete the filing of the 2009 Annual Report.

As previously disclosed in its Notification of Late Filing on Form 12b-25 filed with the SEC on June 2, 2009, the Company has been unable to timely file the 2009 Annual Report due to an ongoing internal investigation being conducted by the Audit Committee (the "Audit Committee") of the Board of Directors of the Company. While the Audit Committee's investigation has been substantially completed, the Audit Committee has referred certain matters with a potential financial reporting impact resulting from its investigation to management for resolution. Until these matters can be resolved, the Company will not be in a position to file the 2009 Annual Report with the SEC. The
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