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Wednesday
Mar162016

Alere discloses DOJ subpoena in foreign bribery probe

Alere Inc said in an SEC filing Tuesday that it received a grand jury subpoena from the DOJ for documents relating to its sales practices in Africa, Asia, and Latin America.

The subpoena is also aimed at dealings with third-parties including distributors and foreign government officials, "and other matters related to the U.S. Foreign Corrupt Practices Act," Alere said.

The diagnostic test maker agreed in late January to a $5.8 billion buyout by Abbott Laboratories.

It received the DOJ subpoena on March 11.

The company specializes in point-of-care tests for HIV, influenza, tuberculosis, and others. The tests produce nearly immediate results that doctors and first responders can use.

Alere also said Tuesday it would delay filing its 2015 annual report because of revenue-recognition issues in Africa and China for 2013, 2014, and 2015.

Tuesday's disclosure didn't link the reporting delay and the FCPA-related subpoena from the DOJ.

Alere, based in Waltham, Massachusetts, received an SEC subpoena in January related to revenue recognition practices in Africa.

Alere Inc. trades on the NYSE under the symbol ALR.

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Here's the FCPA disclosure from Alere's Form 8-K filed with the SEC on March 15, 2016:

On March 11, 2016, the Company received a grand jury subpoena from the United States Department of Justice requiring the production of documents relating to, among other things, sales, sales practices and dealings with third-parties (including distributors and foreign governmental officials) in Africa, Asia and Latin America and other matters related to the U.S. Foreign Corrupt Practices Act. The Company is in the process of responding to the subpoena and intends to cooperate with the government’s investigation.

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Richard L. Cassin is the publisher and editor of the FCPA Blog. He can be contacted here.