WILMINGTON,aaiPharma will restate its earnings for the first three quarters of 2003 following the conclusion of an internal investigation, the company said Tuesday.
The company cited the amount to be restated as “material.”
Some of the revenue recorded in 2003 will be realized this year, aaiPharma added.
The internal investigation found problems with four areas of sale, including new product launches, consignment sales, and “significant sales transactions in the third and fourth quarters with a new distributor.”
Questions about the booking of sales led to a management shakeup at the company as well as internal and outside investigations and class-action lawsuits on behalf of shareholders.
aaiPharma announced on Monday that it had secured additional financing. Its stock price has been pummeled in recent weeks.