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Vital Signs, Inc.

This article was originally published in The Gray Sheet

Executive Summary

Respiratory device maker investigates allegations of accounting improprieties asserted by former CFO Joseph Bourgart in a May 7 complaint filed in New Jersey Superior Court. Totowa, N.J.-based Vital Signs "vigorously denies" the allegations, and maintains that Bourgart is a "disgruntled" employee who was forced to resign in January "after being confronted with evidence that he anonymously forwarded confidential corporate information to an investor." On May 8, the firm reported flat fiscal second-quarter sales of $42.1 mil.; sales for the quarter (ended March 31) excluded $3.3 mil. due to an adjustment to the "allowance for rebates" to distributors following a recent review of the practice...
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