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Boston Scientific Corporation Message Board

  • Stock_Detective Stock_Detective Nov 3, 1998 3:03 PM Flag

    Company press release.....

    PR Wire
    November 3, 1998, 11:21 a.m. PT


    NATICK, Mass., Nov. 3 /PRNewswire/ -- Boston
    Scientific Corporation (NYSE: BSX) announced today that in
    connection with certain routine internal review, analysis
    and audit procedures, it has detected the occurrence
    of business irregularities in the operations of its
    Japanese subsidiary. The irregularities detected involve
    shipments of products that have been improperly recorded as
    sales to the subsidiary's dealer network in Japan.

    Based on preliminary information, the magnitude of the
    irregularities detected is believed to range between $40 and $50
    million in improperly recorded sales for the nine months
    ended September 30, 1998, and, additionally, net
    unrealizable assets of approximately $40 million related to
    similar improper sales recorded in prior periods. The
    Company expects to report sales for 1998 in excess of $2
    billion dollars worldwide and it believes that the
    irregularities identified are limited to the Japan
    operations.
    The Company is in the process of aggressively
    investigating further the irregularities identified and is
    attempting to determine the effect, if any, on previously
    issued financial statements. The Company hopes to
    complete its investigation within the next several
    weeks.

    Boston Scientific is a worldwide developer,
    manufacturer and marketer of
    medical devices. The
    Company's products are used in a broad range of

    interventional medical specialties.

    This press release
    contains forward looking statements. The Company wishes to
    caution the reader of this press release that actual
    results may differ from those discussed in the forward
    looking statements and may be adversely affected by,
    among other things, findings of the ongoing
    investigation, the ability of the Company to implement its
    overall business strategy in Japan and worldwide, and
    other factors described in the Company's filings with
    the Securities and Exchange Commission.


    SOURCE Boston Scientific Corporation
    -0-
    11/03/98

    /CONTACT: Larry Best of Boston Scientific
    Corporation, 508-650-8450/



    More later.

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    • I had a hot tip @64 on this co., I felt like crap
      1 month later when it hit 81, I never owned it, I
      don't ever plan to either but it is because of
      situations like this I prefer SPYders, I know they don't go
      up like individuals, but they don't go down like
      them either.

      good luck to you BSX owners, I
      know it's not fun being in this right now

 
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