Alere Files Delayed 2015 Results, Fight With Abbott Goes On
- Shares rise 2.8 percent, company revises past results
- Abbott says information provided still isn’t sufficient
Alere Inc. submitted its delayed annual report and revised its financial filings for the past two years, concluding an internal review of its financial statements though finding no immediate resolution to its troubled $5.8 billion acquisition by Abbott Laboratories.
The medical-testing device maker corrected what it called “immaterial errors” to its filings for the 2013 and 2014 fiscal years and the first three quarters of 2015, according to a statement Monday. None of these revisions impacted cash flow or cash balances and primarily related to the timing of revenue recognition, the company said. However, Alere also concluded in its U.S. Securities and Exchange Commission filing that there were “material weaknesses” in internal controls over revenue recognition and income taxes.
The long-awaiting filing may not end months of back-and-forth between Alere and Abbott about the takeover. Abbott has tried to get out of the deal after Alere in March disclosed a Justice Department probe related to its overseas businesses and later reported a second investigation into its U.S. billing practices. Alere reiterated Monday that Abbott has no basis to back out.