In Brief: Franklin Ophthalmic Instruments
This article was originally published in The Gray Sheet
Executive Summary
Franklin Ophthalmic Instruments: Completes first phase of internal audit revealing "certain accounting irregularities which require further investigation to quantify." Conducted through a "special committee" of the company's board of directors, the ongoing investigation is seeking to determine whether "a restatement of previously disclosed financial information" is required. During the audit, Romeoville, Illinois-based Franklin is advising that current filings with the Securities and Exchange Commission "should not be relied upon" to evaluate the company or as a basis for investments...