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Financings In Brief

This article was originally published in The Gray Sheet

Executive Summary

PolyMedica probe: SEC investigation into alleged Medicare over-billing has been terminated, company announces April 8. "No enforcement action has been recommended" by the SEC to the oversight committee that was looking into the alleged fraud (1"The Gray Sheet" Aug. 13, 2001, p. 14), PolyMedica says. "We will continue to cooperate with the Department of Justice with regard to its investigation into the company as well." News of the terminated investigation sent the stock up 53%, to close at $38.90 the day of the announcement...

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Polymedica probe

U.S. attorney in Miami with assistance from the FBI and HHS Inspector General are investigating allegations of fraud, improper revenue recognition and obstruction of justice by the DME distributor, Polymedica notes in a 10-Q filed with the Securities & Exchange Commission. Both civil and criminal investigations are being conducted, and the company says it is cooperating. In June, the U.S. attorney for Southern Illinois also issued a subpoena to the Woburn, Massachusetts firm's Liberty Medical unit concerning documents related to Medicare reimbursement of "depth shoes and inserts," the filing states. In April, the SEC completed an investigation of Polymedica related to Medicare over-billing, declining to recommend further action (11"The Gray Sheet" April 15, 2002, p. 22)...

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