Uroplasty delays annual report, puts CFO on leave
Uroplasty delays annual report, puts CFO on leave due to order and sales commission problems
NEW YORK (AP) -- Uroplasty Inc. said Friday it is delaying the filing of latest annual report and has placed its chief financial officer on administrative leave because of problems with the company's recognition of orders and sales commission payments.
The medical device maker said it recently discovered problems with internal controls related to expense reimbursement for its employees. After conducting a review of those issues, Uroplasty found additional problems related to the recognition of orders and payment of sales commissions at the end of its fiscal quarters. Uroplasty said it has placed Chief Financial Officer Mahedi Jiwani on administrative leave while it continues to look into the problem.
Shares of Uroplasty fell 28 cents, or 11.3 percent, to $2.20 in morning trading.
The company's latest fiscal year ended March 31. The Minnetonka, Minn., company said it does not expect a major revision of its previous earnings, but the review is not complete and Uroplasty doesn't know what effect it will ultimately have on those financial statements.
