SEC Probes Bankrupt Biotech Company

Law360, New York (April 7, 2006, 12:00 AM EDT) -- Just a week after filing for bankruptcy over unreliable financial results, a biotechnology company said it has received a subpoena from the U.S. Securities and Exchange Commission.

SeraCare Life Sciences, based in Oceanside, Calif., fired four of its key officers last month, including the chief executive, chief financial officers and chairman, following an internal investigation of an audit committee that found a number of quarterly financial statements were not reliable.

The committee disclosed on March 15 that it planned to restate its financial results for the...
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