In a regulatory filing, Alere (NYSE:ALR) reports that it will be unable to submit its 2016 10-K by March 16, the deadline of the extension period provided when it filed a Form 12b-25 with the SEC on March 1.
The company says it needs more time to review certain aspects of revenue recognition at its Korean and Japanese locations, including "inappropriate conduct" at South Korean subsidiary Standard Diagnostics. Management continues to expect that the review will result in the following downward adjustments to revenues: 2013: $0 - 5M; 2014: $0 - 5M; 2015: $5M - 10M. Revenues for the first three quarters of 2016 will increase by $5M - 10M. The changes will not impact the total amount of recognized revenues, but will shift it between accounting periods.
Related ticker: (NYSE:ABT)
Now read: Building Wealth Like Grace Groner »
Subscribe for full text news in your inbox