SEC ISSUES FORMAL ORDER IN INVESTIGATION OF IMMUCOR SUBSIDIARY
The SEC has issued a formal order in its ongoing investigation of Immucor's Italian subsidiary. The action allows SEC staff to compel testimony and document production from the Immucor unit, which is being probed for allegedly making payments to individuals associated with government medical facilities.
Immucor, which manufactures blood-bank instruments, announced last fall that it was being investigated for improprieties. The SEC started its probe after the company self reported to the agency a violation of the books and records requirements of the Foreign Corrupt Practices Act. The improprieties allegedly involve the activities of an Italian hospital administrator and physician, and are centered on alleged improper payments made to the doctor by various companies in exchange for favorable contract awards to Immucor.
Immucor said it has cooperated and will continue to cooperate fully, including voluntarily providing to the SEC the results of the internal investigation conducted by the audit committee into the matter, as well as documents and testimony.