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Biotech / Medical : The Stock for 1999(Polymedica)PLMD(Medical Supply Co.)
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To: Kevin Podsiadlik who wrote (3356)8/21/2001 5:47:54 PM
From: Mike E.  Read Replies (1) of 3414
 
FBI Raids PolyMedica Offices; Stock's Trading Halted

By Herb Greenberg
Senior Columnist
8/21/01 2:39 PM ET

PolyMedica's (PLMD:Nasdaq - news - commentary) stock was halted this
afternoon after dozens of FBI agents raided the company's Port St. Lucie,
Fla., offices.

As reported on TheStreet.com in March, the company has been the focus of an
FBI criminal investigation for months. The FBI inquiry began after
officials in the U.S. Department of Health and Human Services raised
questions about whether PolyMedica's subsidiary, Liberty Medical Supply,
was improperly billing Medicare for products that were returned, never
shipped or never ordered. Liberty Medical, a leading mail-order supplier of
diabetes test equipment, is responsible for about 80% of PolyMedica's
revenue.

The company maintained that the inquiry was a civil matter until two weeks
ago, when PolyMedica execs acknowledged that the FBI's inquiry was
criminal.

Employees who were in Liberty Medical offices at the time told my
associate, Mark Martinez, that at about 1:30 p.m. EDT employees were told
by way of the company's public address system to back away from their
desks, leave their computers on and go home. All three Liberty offices were
closed, including the company's warehouse in Palm City, Fla.
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