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Biotech / Medical : The Stock for 1999(Polymedica)PLMD(Medical Supply Co.) -- Ignore unavailable to you. Want to Upgrade?

To: Kevin Podsiadlik who wrote (3356)	8/21/2001 2:43:34 PM
From: DEER HUNTER	Respond to of 3414

This same news just reported on CNBC. (eom) ~

To: Kevin Podsiadlik who wrote (3356)	8/21/2001 4:30:57 PM
From: Sir Auric Goldfinger	Respond to of 3414

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.

To: Kevin Podsiadlik who wrote (3356)	8/21/2001 5:47:54 PM
From: Mike E.	Read Replies (1) \| Respond to 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.