KV Pharmaceutical committee finds finishes internal probe
KV Pharmaceutical Co. said Tuesday that its board of directors’ auditing committee has completed a probe of the company and found "deficiencies" in the conduct of certain members of senior management, KV’s financial analysis controls, employment policies and instances of noncompliance with Food and Drug Administration and other health care regulations.
The Brentwood company outlined the general findings in a filing with the Securities and Exchange Commission, but it provided no details.
The filing said the committee has prepared a remedial framework that calls for strengthening corporate governance, compliance with regulatory requirements and improved financial and accounting controls affordable health insurance.
KV initiated a number of recalls last year due to manufacturing problems and stopped all production in January. It agreed to a court order that bars it from resuming production until it meets FDA standards.
Due to the internal probe, KV was unable to file its results for the 2009 fiscal year, ended March 31, with the SEC. It didn’t say when it might file those results.
On Monday, KV said the New York Stock Exchange warned that it could begin delisting procedures if the annual report is not filed.
Filed under: technology by Forest