UPDATE 1-Blue Holdings shares down 32 pct on restatements

(Adds shares at 52-week low, delayed quarterly report, potential impact)

LOS ANGELES, May 20 (Reuters) - Jeans maker Blue Holdings Inc (BLUE.O: Quote, Profile, Research, Stock Buzz) said on Tuesday it may need to restate financial statements for the year ended Dec. 31, 2007 and certain quarters due to possible accounting errors, and said that Nasdaq warned its securities could be delisted.

The shares of the company, whose high-end brands include Antik Denim, Taverniti So Jeans and Yanuk, fell 32 percent to 40 cents in early afternoon trading, marking a 52-week low.

Blue Holdings said it would delay the filing of its quarterly report for the quarter ended March 31, 2008 until the restatement matters the company is reviewing are resolved.

The impact of any restatement is not known, the company said. (Reporting by Alexandria Sage; Editing by Andre Grenon)