PolyMedica Receives Formal Order of Investigation From SEC
2001-12-04 16:53 (New York)
PolyMedica Receives Formal Order of Investigation From SEC
Woburn, Massachusetts, Dec. 4 (Bloomberg) -- PolyMedica, the
biggest maker of diabetes test kits, said the U.S. Securities and
Exchange Commission is conducting a formal investigation of the
company's accounting, financial reports, sales of securities and
other matters.
Previously the company had said the SEC was conducting an
inquiry.
PolyMedica, based in Woburn, Massachusetts, is already being
investigated by federal authorities looking into possible fraud.
The FBI is investigating PolyMedica's Liberty Medical Supply and
Liberty Home Pharmacy units. The company also has said it received
notices PolyMedica was paid too much by Medicare, the U.S.
government's health-insurance program for the elderly.
The company said in a statement it was cooperating with the
SEC. The formal order allows the SEC to obtain information from
third parties, in addition to the company.
The announcement was made after U.S. markets closed. Shares
of PolyMedica fell as low as $21.05 in after-market trading. The
shares closed at $24.36.
--Catherine Dodge in the Princeton newsroom (609) 750-4503, or at
cdodge1@bloomberg.net / mfr
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