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Symmetry Medical overstated revenues

This article was originally published in The Gray Sheet

Executive Summary

Orthopedic device firm's Sheffield, UK unit may have overstated revenue by $24 million to $28 million since 1999 or before, nearly double the $12 million to $16 million the firm previously estimated, the company says Nov. 12. The senior VP for Europe and other employees at the unit were believed to be involved in the financial reporting problems, Symmetry Medical said when it first announced the issue Oct. 4. The Warsaw, Ind.-based firm acquired the Sheffield business in June 2003. CEO Brian Moore maintains that so far the problem involves the UK operations only. While the company may need to restate financial statements filed since 2003, it does not expect a material effect on previously reported 2007 sales or earnings. Symmetry Medical's board continues to investigate the matter

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