Defendant Name: Alere Inc.

Defendant Type: Public Company

Document Reference: 2017-178

Document Details

Legal Case Name In the Matter of Alere, Inc.
Document Name Medical Manufacturer Settles Accounting Fraud Charges
Document Date 28-Sep-2017
Document Format Administrative Proceeding
File Number 3-18228
Allegation Type Issuer Reporting and Disclosure
Document Summary According to the SEC: "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."

Related Documents:

33-10417 28-Sep-2017 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings, Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
According to the SEC: "Between 2011 and 2016, Alere engaged in the improper premature recognition of revenue in its financial statements filed with the Commission. And, between 2011 and 2013, Alere's subsidiary in Colombia improperly characterized payments to a Colombian government official in Alere's books and records. Alere's subsidiary in India also failed to properly record certain payments made by a distributor in its books and records. Alere further failed to devise and maintain a sufficient system of internal accounting controls. "