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Sabratek

This article was originally published in The Gray Sheet

Executive Summary

Retains restructuring firm Jay Alix & Associates to develop and implement restructuring plans. Also announced are the resignations of Chairman and CEO Shan Padda and Doron Levitas, vice-chariman and secretary; both will retain their positions as directors of the company. A representative of Jay Alix will be appointed acting CEO. The firm plans to report second quarter earnings "as soon as practicable" after auditors complete a previously announced review, but Sabratek was unable to meet the Aug. 20 deadline for its Form 10-Q. The law firm of Cohen, Milstein, Hausfeld & Toll announced Aug. 25 that they have filed a lawsuit against the company in Chicago federal court on behalf of persons who purchased Sabratek's common stock between May 11 and Aug. 23, 1999

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