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Fischer Receives SEC Subpoena, Prepares To Release Restated 2002 Results

This article was originally published in The Gray Sheet

Executive Summary

Fischer Imaging will restate financial results from fiscal years 2000 to 2002 to reflect product sales recorded on the date equipment was installed, rather than the shipment date

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Fischer Imaging

Restatement of financial results for fiscal year 2000 and the first quarter of 2003 may be subject to "further adjustment," pending an independent audit, the firm says. A four-month review of prior accounting practices initiated by the board had uncovered "inaccuracies" and internal control failures (1"The Gray Sheet" June 23, 2003, p. 19)...

Fischer Imaging

Restatement of financial results for fiscal year 2000 and the first quarter of 2003 may be subject to "further adjustment," pending an independent audit, the firm says. A four-month review of prior accounting practices initiated by the board had uncovered "inaccuracies" and internal control failures (1"The Gray Sheet" June 23, 2003, p. 19)...

Financings In Brief

Ortec: Trading of the firm's stock commences on the OTC bulletin board following a Nasdaq Small Cap Market delisting notice, announced Aug. 30. The firm's appeal of the delisting was unsuccessful (1"The Gray Sheet" July 15, 2002, p. 9). Separately, proceeds from an $8.5 mil. Series B convertible preferred stock offering will support the firm's OrCel pivotal venous ulcer trial (2"The Gray Sheet" Aug. 19, 2002, p. 20). The financing is conditioned upon receipt of a $2 mil. escrow payment from one of Ortec's institutional investors. In addition, the firm reports being in discussions with potential partners, with a financial commitment from one expected by year-end. "We also received a letter of intent for a $12 mil...follow-on underwriting that can be an additional source of capital when our stock price attains a level which makes that an attractive option," Ortec CFO Ron Lipstein notes...

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