Medical Manufacturer Settles Accounting Fraud Charges
United States Minor Outlying Islands
- 09/28/2017
- Fine
- 13,000,000.00
- Securities and Exchange Commission. U.S
Detail
The Securities and Exchange Commission issued an order finding that the South Korean subsidiary of Alere Inc., which produces and sells diagnostic testing equipment, improperly inflated revenues by prematurely recording sales for products that were still being stored at warehouses or otherwise not yet delivered to the customers. According to the SEC’s order, Alere also engaged in improper revenue recognition practices at several other subsidiaries.
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