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Beckman Coulter Says Former Employee’s Allegations ‘Not Substantiated;’ Files Q1 Earnings

Jul 17, 2006

NEW YORK (GenomeWeb News) - Beckman Coulter today said that its Audit and Finance Committee has found that a former employee's allegations of financial "issues" were "not substantiated and that no adjustment to the company's financial statements was required."

 
As a result, Beckman Coulter filed its first-quarter earnings with the Securities and Exchange Commission today.
 
As GenomeWeb News reported in May, Beckman Coulter said it would not file its 10-Q for the quarter ended March 31 on time while its board of directors examines a former employee's wrongful termination claim.

The employee, whom the company had not named, alleged in an April 17 letter that he was terminated for reporting "certain accounting and financial reporting issues" involving the obsolescence of about $25 million of inventory, accounting for returned equipment under lease, and disclosure of causes for change in expenses, the company said.

Beckman Coulter said its audit and finance committee has retained outside counsel and an outside forensic accounting firm to investigate.

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