The investigation focuses on whether Osiris and its Board of Directors violated securities laws and/or breached their fiduciary duties to the Company's by 1) failing to conduct a fair process and 2) whether and by how much this proposed transaction undervalues the Company. Since the time of the announcement of the criminal investigation, Osiris has not filed any 10Q or 10K filings and has not otherwise provided any update on the criminal investigation that I could find. Such forward-looking statements include, without limitation, statements regarding the Company’s ability to move forward with its business activities, the effectiveness of the Company’s remediation measures, including the effectiveness of completed and planned improvements in its internal control over financial reporting. During at least 2014 and the first three quarters of 2015, Osiris was focused on recognizing gross revenue, which Osiris executives and employees often referred to as “top line” revenue.
According to the SEC charges, Osiris routinely overstated company performance and issued fraudulent financial statements for a period of nearly two years. As alleged, these accounting practices led to misstatements about Osiris’ revenue, a key financial metric for the Company, which was reported in Osiris’ periodic filings, current reports, and earnings calls.According to the SEC, the fraudulent misstatements and omissions were driven by Osiris’ corporate culture, which was set and communicated by Debrabandere and embraced by Jacoby, Law, and Montgomery.
– November 2, 2017 - Osiris Therapeutics, Inc. (OTC Pink: OSIR) (the “Company”), a leading regenerative medicine company focused on developing and marketing products for wound care, orthopedics, and sports medicine, today announced the resolution of the previously disclosed investigation … As part of the resolution, the Company also has agreed to pay a civil penalty in the amount of $1,500,000. Osiris Therapeutics, Inc also announced that it understands the investigation to relate to previously disclosed matters also under investigation by the SEC.
The SEC’s complaint charges Osiris Therapeutics and four executives who led the company during the alleged period of accounting fraud from 2014 to 2015: chief executive officer Lode B. Debrabandere, chief financial officers Philip R. Jacoby Jr. and Gregory I. For additional information on how SEC investigations work, please see the following bulletin by the SEC’s Office of Public Affairs. Announces Resolution of SEC Investigation.
Osiris said it is cooperating with the criminal investigation. All rights reserved. COLUMBIA, Md., Nov. 02, 2017 (GLOBE NEWSWIRE) -- Osiris Therapeutics, Inc. (OTC Pink:OSIR) (the “Company”), a leading regenerative medicine company focused on developing and marketing products for wound care, orthopedics, and sports medicine, today announced the resolution of the previously disclosed investigation by the Securities and Exchange Commission (the “SEC”) into the Company’s … Powered by Madgex Job Board Software Osiris Therapeutics had said it cooperated with the SEC investigation and settled the suit shortly after it was filed in 2017 without admitting or …
Such factors include, but are not limited to, the identification of additional errors in the restatement process for the 2015 quarterly and interim periods, changes or additional errors uncovered by the Company or its independent registered accounting firm, changes in the scope or focus of the accounting adjustments, the risk that additional information may arise prior to the expected filing with the SEC of the Company’s audited financial statements for 2015, 2016 and 2017 or subsequent events that would require us to make adjustments.
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