Navigation Links
Immucor CEO's Italian Trial Moves Toward Second Phase
Date:4/17/2008

NORCROSS, Ga., April 17 /PRNewswire-FirstCall/ -- Immucor, Inc., (Nasdaq: BLUD), a global leader in providing automated instrument-reagent systems to the blood transfusion industry, announced today the first level of the Italian court case against CEO Gioacchino "Nino" De Chirico has concluded and will now move to the second level.

The tribunal in Milan rendered a guilty verdict in the first-level trial based on an alleged improper cash payment of euro 13,500 by Immucor's Italian subsidiary to a physician. The Italian criminal court system is much different from the U.S. system, and consists of three different levels. At the first and second levels both sides can present evidence and legal arguments; at the third level only legal arguments are considered. Under Italian law, Dr. De Chirico will be considered innocent until all three levels have been completed, which could take years.

The case centers on the activities of a well-known Italian physician and hospital administrator, and has focused on alleged improper cash payments by several companies, including the euro 13,500 payment by Immucor's Italian subsidiary.

The company confirmed that the case is not against Immucor as a corporation. As previously reported, Immucor settled charges against its Italian subsidiary in 2007, and that year also settled the SEC investigation against the company.

Immucor Chairman Joseph E. Rosen said: "Immucor's Board of Directors, from the beginning, maintained full transparency around the Italian criminal charges, and the company has reported these proceedings since the situation arose in 2004. We self-reported the case to the SEC and fully cooperated with its investigation. As well, we cooperated with Italian authorities. In addition, the Board's Audit Committee ordered an internal investigation conducted by outside counsel into the charges and the events that led to them."

"It has always been and continues to be the Board's strong desire that Nino should continue to lead Immucor and he remains the company's CEO with the full support of the Board," Mr. Rosen continued. "The reasons for supporting him are straightforward: the company has excelled under his leadership; he has put together a strong management team; and his execution on our business plan continues to be outstanding. His results speak for themselves: in revenue, EPS and profitability, all have been phenomenal during his tenure as President and CEO, providing increased value to our shareholders. We have always considered him a person of professional and personal integrity."

In 2005, based on its independent investigation, the Immucor Board's Audit Committee concluded that the euro 13,500 payment was for services rendered at a medical conference. However, it also determined that the payment invoice for those services resulted in a technical violation of Foreign Corrupt Practices Act provisions. Immucor self-reported this violation to the SEC, cooperated fully with that investigation and settled with the SEC in 2007.

Founded in 1982, Immucor manufactures and sells a complete line of reagents and systems used by hospitals, reference laboratories and donor centers to detect and identify certain properties of the cell and serum components of blood prior to transfusion. Immucor markets a complete family of automated instrumentation for all of our market segments.

For more information on Immucor, please visit our website at http://www.immucor.com .

Statements contained in this press release that are not statements of historical fact are "forward-looking statements" as that term is defined under federal securities laws, including, without limitation, all statements concerning Immucor's expectations, beliefs, intentions or strategies for the future. Forward-looking statements may be identified by words such as "plans," "expects," "believes," "anticipates," "estimates," "projects," "may," "will," "could", "should" and other words of similar meaning. Investors are cautioned not to place undue reliance on any forward-looking statements, and Immucor assumes no obligation to update any forward-looking statements. Immucor urges investors to consider the risks detailed in the Company's filings with the Securities and Exchange Commission.


'/>"/>
SOURCE Immucor, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Immucor To Acquire BioArray Solutions Ltd.
2. Immucor Responding to FTC Inquiry
3. Immucor Settles SEC Investigation
4. Three CEOs and University President Named Winners of Greater Baltimore Committees 2008 Baltimore Region Bioscience Awards
5. Schering-Plough to Webcast Presentation at Morgan Stanley Pharmaceutical CEOs Unplugged Conference
6. Survey Sees Mass. CEOs as Bullish on Own Businesses
7. Cell Therapeutics, Inc. Announces Authorization to Publish Italian Listing Prospectus
8. Imaging Diagnostic Systems Exhibits CT Laser Breast Imaging Results at Major Italian Multidisciplinary Breast Cancer Meeting
9. BioMS Medicals phase III U.S. multiple sclerosis trial receives positive safety review from Data Safety Monitoring Board
10. AEterna Zentaris Completes Patient Recruitment for First Phase 3 Efficacy Trial with Cetrorelix in Benign Prostatic Hyperplasia
11. Oncolytics Biotech Inc. Completes Dose Escalation in Combination REOLYSIN(R)/Paclitaxel and Carboplatin Trial
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/11/2017)... and LAGUNA HILLS, Calif. , Oct. ... Cancer Research, London (ICR) and University ... SKY92, SkylineDx,s prognostic tool to risk-stratify patients with multiple myeloma ... MUK nine . The University of Leeds ... partly funded by Myeloma UK, and ICR will perform the ...
(Date:10/10/2017)... ... 2017 , ... San Diego-based team building and cooking events company, Lajollacooks4u, has ... The bold new look is part of a transformation to increase awareness, appeal to ... period. , It will also expand its service offering from its signature gourmet cooking ...
(Date:10/10/2017)... 10, 2017 International research firm Parks Associates announced ... at the TMA 2017 Annual Meeting , October 11 in ... residential home security market and how smart safety and security products impact ... Parks Associates: Smart Home ... "The residential security market has ...
(Date:10/9/2017)... DIEGO , Oct. 9, 2017  BioTech ... biological mechanism by which its ProCell stem cell ... critical limb ischemia.  The Company, demonstrated that treatment ... amount of limbs saved as compared to standard ... the molecule HGF resulted in reduction of therapeutic ...
Breaking Biology Technology:
(Date:3/28/2017)... , March 28, 2017 The ... Hardware (Camera, Monitors, Servers, Storage Devices), Software (Video Analytics, ... Region - Global Forecast to 2022", published by MarketsandMarkets, ... 2016 and is projected to reach USD 75.64 Billion ... and 2022. The base year considered for the study ...
(Date:3/24/2017)... 24, 2017 The Controller General of Immigration from ... Abdulla Algeen have received the prestigious international IAIR Award for the ... Continue Reading ... ... Controller Abdulla Algeen (small picture on the right) have received the IAIR ...
(Date:3/23/2017)... The report "Gesture Recognition and Touchless Sensing Market by Technology (Touch-based ... to 2022", published by MarketsandMarkets, the market is expected to be worth USD ... 2022. Continue Reading ... ... ...
Breaking Biology News(10 mins):