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SEC Subpoenas SeraCare Following Claims That Past Financials Are Unreliable

NEW YORK, Apr. 12 (GenomeWeb News) - SeraCare Life Sciences has received a subpoena from the Securities and Exchange Commission for documents related to its business.

 

The SEC filed the subpoena after it failed to receive the documents from SeraCare voluntarily, SeraCare said in a statement today. SeraCare did not divulge the content of the papers, but stated that it "continues to cooperate fully with the SEC in this matter."

 

As GenomeWeb News reported last month, the Nasdaq exchange halted trading in SeraCare Life Sciences on March 15 and asked for additional information after the company stated that earlier financial reports were no longer reliable and sought the termination of four executives.

 

SeraCare said in documents filed with the SEC that financial reports for the quarters ended Dec. 31, 2004; March 31, 2005; and June 30, 2005, were no longer reliable. The company has not filed its 2005 annual report with the SEC due to a pending audit review.

 

The company also stated in the filing that it had fired Chairman Barry Plost, President and CEO Michael Crowley, Secretary Jerry Burdick, and Chief Financial Officer Craig Hooson.

 

Thomas Lawlor, the current chief operating officer of the company, was named interim-CEO, according to the filing, and last week the company announced the appointment of Cathryn Low, a turnaround and workout specialist at Prolman Associates, a firm specializing in business turnarounds and management of Chapter 11 reorganizations, as interim-CFO.

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