Harvard Bioscience of Holliston is investigating a possible embezzlement of less than $50,000 from a subsidiary company.
The embezzlement was detected at Denville Scientific, Inc., which is a wholly owned subsidiary of life sciences company Harvard Bioscience. An employee of that company appears to have embezzled money and manipulated certain records in an attempt to conceal the theft, according to Harvard Bioscience.
The embezzlement came to light as a result of the year-end auditing process, according to the company. Upon detecting the embezzlement, the company kicked off an investigation, bringing in a forensic accounting expert, to determine the scope and amount of the inappropriate activity. Based on preliminary results, the embezzlement was limited to Denville financial statements and was less than $50,000, Harvard Bioscience reported in a release.
Harvard Bioscience will be reviewing its internal controls and adjust them as needed to prevent a similar situation from happening again. The company is working with counsel and local authorities to determine the best course of action from a legal and recovery perspective.
The investigation has delayed the company’s year-end NASDAQ filing.
