PolyMedica Offices Raided by Dozens of FBI Agents. Woburn, Massachusetts,
Aug. 21 (Bloomberg) -- Dozens of FBI
agents raided several Florida offices of PolyMedica Corp., the
biggest maker of diabetes test kits, executing search warrants,
said a spokeswoman for the agency.
The company said three weeks ago that its Liberty Medical
Supply unit, based in Port St. Lucie, Florida, is the subject of a
criminal investigation.
``We're planning on going through the night,'' said agent
Judy Orihuela, speaking on a cellular telephone from one of 10
locations raided today, beginning at 1 p.m. local time.
Trading in shares of Woburn, Massachusetts-based PolyMedica
fell $2.42 to $15.18 before being halted at 1:47 p.m.
The FBI investigation centers on PolyMedica's billing
practices, while the U.S. Postal Service is looking into possible
mail fraud, Barron's magazine has reported, citing people close to
the inquiry.
PolyMedica, which had sales of $220 million in its fiscal
year ended March 31, gets 80 percent of its revenue from Medicare,
the government health-insurance plan for the elderly. |
