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ALR

Alere

$48.50

-0.39 (-0.80%)

11:52
09/28/17
09/28
11:52
09/28/17
11:52

SEC says Alere to pay over $13M to settle accounting fraud charges

A Massachusetts-based medical manufacturer has agreed to pay more than $13M to settle charges that it committed accounting fraud through its subsidiaries to meet revenue targets and made improper payments to foreign officials to increase sales in certain countries. The Securities and Exchange Commission issued an order finding that the South Korean subsidiary of Alere Inc., which produces and sells diagnostic testing equipment, improperly inflated revenues by prematurely recording sales for products that were still being stored at warehouses or otherwise not yet delivered to the customers. According to the SEC's order, Alere also engaged in improper revenue recognition practices at several other subsidiaries. The SEC's order also finds that Alere subsidiaries in India and Colombia obtained or retained business by using distributors or consultants to make improper payments to officials of government agencies or entities under government control. Alere failed to maintain adequate internal controls to prevent the payments, and the company inaccurately recorded the payments in its books and records. In consenting to the SEC's order without admitting or denying the findings, Alere agreed to pay disgorgement of ill-gotten gains totaling $3,328,689 plus interest of $495,196 and a penalty of $9.2M.

ALR Alere
$48.50

-0.39 (-0.80%)

06/06/17
ADAM
06/06/17
DOWNGRADE
ADAM
Hold
Alere downgraded to Hold from Buy at Canaccord
06/28/17
RBCM
06/28/17
NO CHANGE
RBCM
RBC sees competing bid for Spectranetics as unlikely
RBC Capital analyst Glenn Novarro believes a competing bid for Spectranetics (SPNC) is unlikely and that Philips' (PHG) offer "signals a high probability of an on-time approval." The analyst notes Boston Scientific (BSX) is already developing a drug-eluting stent and a drug-coated balloon for peripheral artery disease and that Abbott (ABT) is integrating St. Jude while also soon closing its buyout of Alere (ALR).
07/18/17
ADAM
07/18/17
UPGRADE
Target $42
ADAM
Buy
Quidel upgraded to Buy from Hold at Canaccord
Canaccord analyst Mark Massaro upgraded Quidel (QDEL) to Buy from Hold as it is a beneficial buyer of Alere (ALR) assets. The analyst said the deal doubles the company's revenues, is immediately accretive, was bought at a low multiple to market value, and provides the company with new platforms to add tests on. Massaro raised his price target to $42 from $25 on Quidel shares.
09/19/17
PIPR
09/19/17
UPGRADE
Target $50
PIPR
Overweight
Quidel upgraded to Overweight from Neutral at Piper Jaffray
Piper Jaffray analyst William Quirk upgraded Quidel (QDEL) to Overweight and raised his price target for the shares to $50 from $35. The stock can continue to rise as investors digest how accretive the updated Alere (ALR) deal is and become more comfortable with an Abbott (ABT)/Alere deal close, Quirk tells investors in a research note. To reflect the amended deal agreement, the analyst raised his 2018 earnings estimates for Quidel by 64%.

TODAY'S FREE FLY STORIES

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-0.14 (-3.13%)

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MS

Morgan Stanley

$50.68

0.89 (1.79%)

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SSNLF

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0.2 (0.66%)

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UAL

United Continental

$59.90

0.12 (0.20%)

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Delta Air Lines

$53.27

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UAL

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American Airlines

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CZR

Caesars

$12.20

0.15 (1.24%)

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DWDP

DowDuPont

$71.18

0.29 (0.41%)

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COH

Coach

$40.35

0.88 (2.23%)

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Coach shares look undervalued, could rise nearly 30%, Barron's says »

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CNC

Centene

$96.50

1.8 (1.90%)

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CI

Cigna

$191.42

3.2 (1.70%)

ANTM

Anthem

$194.69

1.49 (0.77%)

AET

Aetna

$160.84

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HNT

Health Net

HUM

Humana

$245.81

3.12 (1.29%)

UNH

UnitedHealth

$207.49

4.24 (2.09%)

WCG

WellCare

$180.52

3.28 (1.85%)

CYH

Community Health

$6.44

0.24 (3.87%)

HCA

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$81.05

1.26 (1.58%)

LPNT

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$58.35

0.5 (0.86%)

THC

Tenet

$14.66

1.31 (9.81%)

UHS

Universal Health

$112.85

2.31 (2.09%)

GOOG

Alphabet

$988.20

3.75 (0.38%)

GOOGL

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$1,005.07

3.23 (0.32%)

MSFT

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$78.81

0.9 (1.16%)

FB

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$174.98

0.42 (0.24%)

INTC

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$40.43

0.34 (0.85%)

IBM

IBM

$162.07

1.17 (0.73%)

MAR

Marriott

$115.02

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ETFC

E-Trade

$43.20

-0.49 (-1.12%)

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DBVT

DBV Technologies

$48.07

0.92 (1.95%)

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ETFC

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ATRS

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SHIP

Seanergy Marine

$1.24

0.0199 (1.63%)

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HLI

Houlihan Lokey

$41.56

0.18 (0.43%)

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Breaking Syndicate news story on Houlihan Lokey »

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  • 24

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GEO

Geo Group

$26.20

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DBVT

DBV Technologies

$48.07

0.92 (1.95%)

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Aimmune

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-0.06 (-0.23%)

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  • 06

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KALV

KalVista

$11.26

1.99 (21.47%)

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DBV Technologies

$48.07

0.92 (1.95%)

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