Navigation Links
OrthoSynetics(TM) Applauds SEC Suit Against Former Company Management
Date:2/13/2008

New Management Cleaning Up 'Legacy Issues'; Cites New Company's Leadership

Team, Safeguards

METAIRIE, La., Feb 13 /PRNewswire/ -- OrthoSynetics(TM), the largest provider of business services to orthodontic and dental practices worldwide, today lauded the Securities and Exchange Commission's (SEC) suit against Bart Palmisano, Jr., former chief financial officer and chief operating officer of OCA, Inc. (OCA). In conjunction with the filing of the complaint, Palmisano, Jr. consented to the entry of an order imposing a $100,000 fine and a 10 year bar from serving as an officer or director of a public company. OrthoSynetics(TM) is the new trade name of OCA since OCA emerged from bankruptcy last year.

"We are pleased that the SEC has brought this suit and resolved its claims against Palmisano, Jr. This represents a closing chapter in the legacy of the old OCA," said Chris Roussos, president and CEO of OrthoSynetics(TM). "The suit was expected and is consistent with the complaint we previously filed against the old OCA's management and directors. We cooperated with the SEC throughout this process and there were no surprises in their findings."

The SEC's complaint alleges that Palmisano, Jr. fraudulently manipulated OCA's financial accounting systems to overstate OCA's revenue to meet Wall Street expectations for every quarter from 1998 to September 2001. Mr. Palmisano, Jr.'s manipulations, as set forth in the complaint, were to OCA's corporate financial reporting. Neither the SEC nor the company has identified any instances that impacted the integrity of its affiliated doctors' financial statements.

This complaint comes just more than one year after the company emerged from bankruptcy. During the past year, OrthoSynetics(TM), has significantly overhauled its management team and its accounting systems. OrthoSynetics(TM) , which is now privately held, has an independent board of directors, new management team, and finance team. Moreover, OrthoSynetics(TM) has implemented new internal financial controls to prevent future financial irregularities.

"We have taken considerable steps to distance ourselves from the old OCA, strengthen the integrity of our company's financial foundation, and position ourselves for future growth," said Roussos. "Our doctors can be confident in knowing that the board, leadership team and financial safeguards now in place have made our company stronger to ensure the prosperity and growth of their practices. We also have taken steps to settle our own derivative lawsuit against former management, and we are in the process of settling those claims as well."

OrthoSynetics(TM) is an orthodontic practice services firm that manages the business and marketing functions of orthodontics practices, including advertising, payroll processing, financial reporting, purchasing, technical support and patient financial services. The company currently serves about 350 Orthodontic Practice locations.


'/>"/>
SOURCE OrthoSynetics
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. David Ward Joins OrthoSynetics(TM) as Western Region Sales Manager
2. OrthoSynetics(TM) Opens New Data Center, Colocation Facility
3. Stuart Collins Joins OrthoSynetics(TM) as Director, Eastern Region Sales
4. OrthoSynetics(TM) Opens Regional Offices in Dallas, Atlanta
5. Richard Drouant Joins OrthoSynetics(TM) as Graphic Designer
6. Michael Beland Named as OrthoSynetics(TM) Corporate Controller
7. AIDS Healthcare Foundation Applauds City Commissioners Support of Diversity, Urges Call for Mayors Resignation
8. Fairness Coalition Applauds Senate Passage of Mental Health Parity Bill
9. SNM applauds NAS study showing need to restore federal nuclear medicine research funding
10. Cardiac Science Applauds Mass AED Training of Pittsburgh Educators
11. Coalition to Protect Floridas Drivers Applauds Governor Crist for Adding PIP to Special Session
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/13/2017)... Ky. (PRWEB) , ... October 13, 2017 , ... The ... MPH to become its next President and Chief Executive Officer, succeeding Dr. James C. ... CEO Elect beginning July 1, 2018 until Dr. Puffer’s retirement at the end of ...
(Date:10/13/2017)... ... ... PurhealthRX , a leading Health and Nutrition Company, is announcing the ... spectrum CBD oil will revolutionize the rapidly growing CBD market by reducing the amount ... into liquid products, while reducing costs to end users. , The team of researchers ...
(Date:10/13/2017)... ... 2017 , ... Lori R. Somekh, founder of the Law Office of ... elder law and special needs planning attorneys. “Membership in ElderCounsel helps our office remain ... to network with elder law attorneys nationwide,” said Somekh. , ElderCounsel ...
(Date:10/13/2017)... ... October 13, 2017 , ... Many families have long-term insurance that covers ... companies have a waiver for care if the client has a cognitive impairment diagnosis. ... pays for care, is often waived, so the benefits from their insurance start immediately,” ...
(Date:10/13/2017)... ... October 13, 2017 , ... Ellevate Network, the leading ... to advocate for action towards gender equality at their inaugural Summit in New York ... globe, and reached a social audience of over 3 million. To watch the Mobilize ...
Breaking Medicine News(10 mins):
(Date:9/28/2017)... 28, 2017 Hill-Rom Holdings, Inc. (NYSE: HRC), ... call and webcast on Friday, November 3, 2017, beginning ... ending at approximately 8:30 a.m. (CDT) / 9:30 a.m. ... 2017 financial performance and guidance for 2018, Hill-Rom executives ... enhance operational performance, and long-range financial outlook through 2020. ...
(Date:9/25/2017)... PROVIDENCE, R.I. , Sept. 25, 2017 /PRNewswire/ ... immunogenicity assessment, vaccine design, and immune-engineering today announced ... focused on the development of personalized therapeutic cancer ... and has provided exclusive access to enabling technologies ... MSc Eng., MBA will lead EpiVax Oncology as ...
(Date:9/19/2017)...   ZirMed Inc ., a recognized leader in cloud-based ... has been ranked #1 by its users for the seventh ... User Survey. ZirMed was recognized as the top-ranked end-to-end revenue ... centers over 200 beds and holds one of the longest ... history. ...
Breaking Medicine Technology: