Harvard Bioscience spends $1.7M on embezzlement investigation
Harvard Biosceince has so far put $1.66 million into a forensic investigation, according to the company’s financial report in which a loss of $700,000 was reported for the first two quarters of the year.
The company had undertaken an investigation of a possible embezzlement of less than $50,000 from a subsidiary company in March. At that time the company began a forensic investigation to determine the scope and amount of the inappropriate activity that, according to the company, included manipulating certain records in an attempt to conceal the theft.
Harvard Bioscience did not specify if the forensic investigation costs were directly related to that possible embezzlement at Denville Scientific, Inc., which is a wholly owned subsidiary of life sciences company Harvard Bioscience. The company had postponed releasing earnings data for the first quarter while this investigation was going on.
Net loss for the company was $1.3 million, or $0.04 per diluted share, for the six months that ended on June 30, 2016 compared to $1.1 million, or $0.03 per diluted share for the same period in 2015. Revenues were also down year-over-year by $1.5 million during those same six months.
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