Lumenis plunges after SEC inquiry
Medical laser maker says it will cooperate with request
By Ted Griffith, CBS.MarketWatch.com
Last Update: 11:50 AM ET Feb. 25, 2002
YOKNEAM, Israel (CBS.MW) -- Shares of Lumenis Ltd. plunged 30 percent Monday after the maker of medical lasers said the U.S. Securities and Exchange Commission had asked for information about financial reporting and business relationships.
Shares of Lumenis (LUME: news, chart) were down $3.83 to $9.11 in recent trading.
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The company disclosed Monday that the SEC had requested information about Lumenis' relationships with its distributors and also asked for more details about charges and write-downs taken by the company. Lumenis described the agency's request as "voluntary" and said it "intends to furnish all documents and information requested by the commission."
Some of the information the agency is looking for dates back to the beginning of 1998, Lumenis said.
Separately, the Israeli-based company said it had received a commitment from its lender, Bank Hapoalim BM, to refinance an outstanding $100 million loan and $71 million in convertible bonds with a new loan package. The new financing deal consists of a $100 million five-year term loan and a $71 million loan payable in four years, the company said.
Lumenis said the agreement also extends an existing revolving credit line for an additional year and increases availability from $20 million to $35 million effective April 30.
Lumenis makes lasers used for a variety of medical procedures, including hair removal and vision correction.
Ted Griffith is a reporter for CBS.MarketWatch.com |
