PolyMedica Accounting Practice Draws Shareholder Class Action Suits
This article was originally published in The Gray Sheet
Executive Summary
PolyMedica will change its accounting practices after discussions with the Securities & Exchange Commission over the method the firm employs to capitalize its advertising costs
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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...
In Brief: PolyMedica Industries
PolyMedica Industries: Inks letter of intent to acquire the assets of Liberty Medical Supply for cash and notes valued at about $9 mil. Privately-held Liberty, which distributes diabetes testing supplies and medical products, expects sales of over $13 mil. in 1996. The acquisition would provide Woburn, Massachusetts-based wound dressings firm PolyMedica "the opportunity for rapid expansion into the large and receptive diabetic market," PolyMedica says...
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