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Diagnostic company Alere says to delay filing annual report
March 1, 2017 / 12:04 PM / 5 months ago

Diagnostic company Alere says to delay filing annual report

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March 1 (Reuters) - Diagnostic company Alere Inc said on Wednesday it would delay filing its 2016 annual report as it was reviewing the revenue recognition practices at its South Korean and Japanese units.

As part of the review, the company is also reviewing "inappropriate conduct" at its South Korea unit, Standard Diagnostics Inc, Alere said in a regulatory filing. (bit.ly/2lSHn3o)

Abbott Laboratories in December moved to terminate its proposed acquisition of Alere, citing a "substantial loss" in the value of the company since they struck a deal in January 2016.

Since the two companies announced the deal, Alere has faced multiple setbacks. (Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Savio D'Souza)

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