Alere's Bad News Tests The Limits Of Everyone's Patience
Not again.
Alere Inc., the beleaguered medical-test maker, can't seem to go very long without divulging more bad news -- and that's as it tries to force Abbott Laboratories to follow through on an $8.4 billion takeover offer. This week, Alere Inc. said that it's still working through the material weaknesses in its internal accounting controls that spawned government investigations and delayed its regulatory filings last year. Not only that, but now there are more problem spots: Alere said it's also reviewing "inappropriate conduct" at its Korean subsidiary, Standard Diagnostics, as well as revenue-recognition practices for Japanese locations.
Alere Inc., the beleaguered medical-test maker, can't seem to go very long without divulging more bad news -- and that's as it tries to force Abbott Laboratories to follow through on an $8.4 billion takeover offer. This week, Alere Inc. said that it's still working through the material weaknesses in its internal accounting controls that spawned government investigations and delayed its regulatory filings last year. Not only that, but now there are more problem spots: Alere said it's also reviewing "inappropriate conduct" at its Korean subsidiary, Standard Diagnostics, as well as revenue-recognition practices for Japanese locations.