Savient to Restate Results Back to 2002 After Error
Savient Pharmaceuticals Inc. (SVNT), a drugmaker, said it will restate results back to 2002 because of accounting errors in how it recorded products that were returned and how the data and inventory were assessed.
The restatement will cover the past three fiscal years and the first half of 2005, East Brunswick, New Jersey-based Savient said today in a statement distributed by Business Wire.
The company said errors on product returns were made based on notifications received from customers advising Savient, through its third-party fulfillment center, of their intent to return items. The company said it's preparing its restated financial results.
Savient, which previously reported that it faces delisting from the Nasdaq Stock Market, said the company presented the Nasdaq Listing Qualifications Panel with a plan of compliance at a hearing on Aug. 29. The panel hasn't released its findings yet and the move to delist Savient is stayed pending the decision.
Earlier this month, Savient said Lawrence A. Gyenes resigned as the company's chief financial officer and senior vice president to pursue other opportunities. Gina Gutzeit, of FTI Consulting Inc., will serve as interim CFO while Savient looks for a permanent replacement
Savient spokeswoman Jenene Thomas didn't immediately return a voice mail left after the close of regular business hours.
Savient shares fell 1 cent to $3.52 in Nasdaq Stock Market composite trading today. The stock has climbed 30 percent this year.
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