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Biotech / Medical : SABRATEK CORP (SBTK)

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To: Swanny who wrote (146)	12/17/1999 10:40:00 PM
From: Razorbak	of 487

"Sabratek Files for Bankruptcy Protection" Friday December 17, 5:22 pm Eastern Time WILMINGTON, Del., Dec 17 (Reuters) - Medical technology company Sabratek Corp. filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court here Friday. No further details of the filing were available. On Dec. 3, the Skokie, Ill.-based company revealed in a Securities and Exchange Commission filing that its independent auditor, KPMG LLC, informed the firm that its financial statements for the last three years could no longer be relied upon. The company was delisted from the Nasdaq in November and has endured a rocky 1999 that included missed debt interest repayments and the resignation of its chairman, vice chairman and several directors. The company's troubles began in June when a shareholder charged the company with accounting fraud. At that point, shares of the company were trading over 20 on the Nasdaq under the symbol ''SBTK.'' On Nov. 3, the company said its shares now trade on the National Quotation Bureau Electronic Quotation Service under the symbol ''SBTKE.'' -------------------------------------------------------------------------------- biz.yahoo.com

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