Violations Alleged
•
Sec 17(a) (Not specified)
•
Section 13b-2 Exchange Act
Additionally,
Phillip R. Jacoby, Jr. is alleged to have aided and abetted Osiris Therapeutics, Inc.'s violation of Sec 10(b) + Rule 10b-5 of the Exchange Act (willfully/knowingly).
Gregory I. Law is alleged to have aided and abetted Osiris Therapeutics, Inc.'s violation of Sec 10(b) + Rule 10b-5 of the Exchange Act (willfully/knowingly).
Lode B. Debrabandere is alleged to have aided and abetted Osiris Therapeutics, Inc.'s violation of Sec 10(b) + Rule 10b-5 of the Exchange Act (willfully/knowingly).
Lode B. Debrabandere is alleged to have controlled Osiris Therapeutics, Inc.'s violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Bobby Dwayne Montgomery is alleged to have aided and abetted Osiris Therapeutics, Inc.'s violation of Sec 10(b) + Rule 10b-5 of the Exchange Act (willfully/knowingly).
Phillip R. Jacoby, Jr. is alleged to have aided and abetted Osiris Therapeutics, Inc.'s violation of Rule 12b-20 of the Exchange Act (willfully/knowingly).
Gregory I. Law is alleged to have aided and abetted Osiris Therapeutics, Inc.'s violation of Rule 12b-20 of the Exchange Act (willfully/knowingly).
Lode B. Debrabandere is alleged to have aided and abetted Osiris Therapeutics, Inc.'s violation of Rule 12b-20 of the Exchange Act (willfully/knowingly).
Lode B. Debrabandere is alleged to have controlled Osiris Therapeutics, Inc.'s violation of Rule 12b-20 of the Exchange Act.
Phillip R. Jacoby, Jr. is alleged to have aided and abetted Osiris Therapeutics, Inc.'s violation of Sec 13(a) of the Exchange Act (willfully/knowingly).
Gregory I. Law is alleged to have aided and abetted Osiris Therapeutics, Inc.'s violation of Sec 13(a) of the Exchange Act (willfully/knowingly).
Lode B. Debrabandere is alleged to have aided and abetted Osiris Therapeutics, Inc.'s violation of Sec 13(a) of the Exchange Act (willfully/knowingly).
Lode B. Debrabandere is alleged to have controlled Osiris Therapeutics, Inc.'s violation of Sec 13(a) of the Exchange Act.
Phillip R. Jacoby, Jr. is alleged to have aided and abetted Osiris Therapeutics, Inc.'s violation of Rule 13a-1 of the Exchange Act (willfully/knowingly).
Lode B. Debrabandere is alleged to have aided and abetted Osiris Therapeutics, Inc.'s violation of Rule 13a-1 of the Exchange Act (willfully/knowingly).
Lode B. Debrabandere is alleged to have controlled Osiris Therapeutics, Inc.'s violation of Rule 13a-1 of the Exchange Act.
Phillip R. Jacoby, Jr. is alleged to have aided and abetted Osiris Therapeutics, Inc.'s violation of Rule 13a-11 of the Exchange Act (willfully/knowingly).
Gregory I. Law is alleged to have aided and abetted Osiris Therapeutics, Inc.'s violation of Rule 13a-11 of the Exchange Act (willfully/knowingly).
Lode B. Debrabandere is alleged to have aided and abetted Osiris Therapeutics, Inc.'s violation of Rule 13a-11 of the Exchange Act (willfully/knowingly).
Lode B. Debrabandere is alleged to have controlled Osiris Therapeutics, Inc.'s violation of Rule 13a-11 of the Exchange Act.
Phillip R. Jacoby, Jr. is alleged to have aided and abetted Osiris Therapeutics, Inc.'s violation of Rule 13a-13 of the Exchange Act (willfully/knowingly).
Gregory I. Law is alleged to have aided and abetted Osiris Therapeutics, Inc.'s violation of Rule 13a-13 of the Exchange Act (willfully/knowingly).
Lode B. Debrabandere is alleged to have aided and abetted Osiris Therapeutics, Inc.'s violation of Rule 13a-13 of the Exchange Act (willfully/knowingly).
Lode B. Debrabandere is alleged to have controlled Osiris Therapeutics, Inc.'s violation of Rule 13a-13 of the Exchange Act.
Phillip R. Jacoby, Jr. is alleged to have aided and abetted Osiris Therapeutics, Inc.'s violation of Sec 13(b)(2)(A) of the Exchange Act (willfully/knowingly).
Gregory I. Law is alleged to have aided and abetted Osiris Therapeutics, Inc.'s violation of Sec 13(b)(2)(A) of the Exchange Act (willfully/knowingly).
Lode B. Debrabandere is alleged to have aided and abetted Osiris Therapeutics, Inc.'s violation of Sec 13(b)(2)(A) of the Exchange Act (willfully/knowingly).
Lode B. Debrabandere is alleged to have controlled Osiris Therapeutics, Inc.'s violation of Sec 13(b)(2)(A) of the Exchange Act.
Phillip R. Jacoby, Jr. is alleged to have aided and abetted Osiris Therapeutics, Inc.'s violation of Sec 13(b)(2)(B) of the Exchange Act (willfully/knowingly).
Gregory I. Law is alleged to have aided and abetted Osiris Therapeutics, Inc.'s violation of Sec 13(b)(2)(B) of the Exchange Act (willfully/knowingly).
Lode B. Debrabandere is alleged to have aided and abetted Osiris Therapeutics, Inc.'s violation of Sec 13(b)(2)(B) of the Exchange Act (willfully/knowingly).
Lode B. Debrabandere is alleged to have controlled Osiris Therapeutics, Inc.'s violation of Sec 13(b)(2)(B) of the Exchange Act.
Phillip R. Jacoby, Jr. is alleged to have aided and abetted Osiris Therapeutics, Inc.'s violation of Sec 17(a)(1) of the Securities Act (willfully/knowingly).
Gregory I. Law is alleged to have aided and abetted Osiris Therapeutics, Inc.'s violation of Sec 17(a)(1) of the Securities Act (willfully/knowingly).
Lode B. Debrabandere is alleged to have aided and abetted Osiris Therapeutics, Inc.'s violation of Sec 17(a)(1) of the Securities Act (willfully/knowingly).
Bobby Dwayne Montgomery is alleged to have aided and abetted Osiris Therapeutics, Inc.'s violation of Sec 17(a)(1) of the Securities Act (willfully/knowingly).
Phillip R. Jacoby, Jr. is alleged to have aided and abetted Osiris Therapeutics, Inc.'s violation of Sec 17(a)(2) of the Securities Act (willfully/knowingly).
Gregory I. Law is alleged to have aided and abetted Osiris Therapeutics, Inc.'s violation of Sec 17(a)(2) of the Securities Act (willfully/knowingly).
Lode B. Debrabandere is alleged to have aided and abetted Osiris Therapeutics, Inc.'s violation of Sec 17(a)(2) of the Securities Act (willfully/knowingly).
Phillip R. Jacoby, Jr. is alleged to have aided and abetted Osiris Therapeutics, Inc.'s violation of Sec 17(a)(3) of the Securities Act (willfully/knowingly).
Gregory I. Law is alleged to have aided and abetted Osiris Therapeutics, Inc.'s violation of Sec 17(a)(3) of the Securities Act (willfully/knowingly).
Lode B. Debrabandere is alleged to have aided and abetted Osiris Therapeutics, Inc.'s violation of Sec 17(a)(3) of the Securities Act (willfully/knowingly).
Bobby Dwayne Montgomery is alleged to have aided and abetted Osiris Therapeutics, Inc.'s violation of Sec 17(a)(3) of the Securities Act (willfully/knowingly).
Related Documents:
2017-207
02-Nov-2017
Press Release--Civil Action
SEC Charges Biotech Company, Executive with Accounting Fraud
In a press release published on November 2, 2017 the SEC stated that "Osiris Therapeutics routinely overstated company performance and issued fraudulent financial statements for a period of nearly two years. According to the SEC's complaint, the company improperly recognized revenue using artificially inflated prices, backdated documents to recognize revenue in earlier periods, and prematurely recognized revenue upon delivery of products to be held on consignment. Osiris Therapeutics and its executives also allegedly used pricing data that they knew was false and attempted to book revenue on a fictitious transaction, among other accounting improprieties."
Complaint: Jury Trial Demanded
According to the SEC: "Osiris is a biotechnology company that researches, develops and markets products for orthopedics, sports medicine, and wound care. During all four quarters of 2014 and the first three quarters of 2015, Osiris and its former senior officers engaged in a wide-ranging fraud to artificially inflate the company's reported revenue. In addition to directing the misstatement of Osiris' financial results, the company's former senior officers engaged in numerous other fraudulent and deceptive acts, including entering into undisclosed side agreements with distributors, recognizing revenue in direct contradiction to their disclosed accounting policies, lying to Osiris' independent registered public accounting firm ("Auditor"), using false pricing data, and backdating and falsifying documents. The misstatements and scheme were carried out by former officers of Osiris, including Jacoby who served as Osiris' chief financial officer and, subsequently, vice president of finance and principal accounting officer; Law who served as Osiris' vice president of finance and principal accounting officer and, subsequently, chief financial officer; Debrabandere who served as Osiris' chief executive officer; and Montgomery, who served as Osiris' general manager of orthopedics and sports medicine and, subsequently, its chief business officer."
SEC Charges Biotech Company, Executives with Accounting Fraud
In a litigation release published on November 3, 2017, the SEC stated that "Osiris Therapeutics routinely overstated company performance and issued fraudulent financial statements for a period of nearly two years. According to the SEC's complaint, the company improperly recognized revenue using artificially inflated prices, backdated documents to recognize revenue in earlier periods, and prematurely recognized revenue upon delivery of products to be held on consignment. Osiris Therapeutics and its executives also allegedly used pricing data that they knew was false and attempted to book revenue on a fictitious transaction, among other accounting improprieties."
Final Judgment as to Defendant Osiris Therapeutics, Inc.
On November 7, 2017, a federal district judge entered final judgment against Osiris Therapeutics, Inc. pursuant to the consent of Osiris Therapeutics, Inc.
SEC Obtains Final Judgment Against Former Executive Charged with Lying to Auditors
The SEC stated: "On October 8, 2019, the U.S. District Court for the District of Maryland entered a final judgment against Bobby Dwayne Montgomery, a former executive of biotech company Osiris Therapeutics, Inc. for his role in Osiris's fraudulent conduct. . . . Osiris previously settled the SEC's charges and paid a $1.5 million penalty."
