Monday, June 18, 2007

Drug maker overstated sales by $5.6M

From the Toronto Star:
CV Technologies Inc. (TSX: CVQ), maker of the Cold-fx treatment for colds and the flu, said it overstated sales by $5.6 million in 2006 as it entered the U.S. market for the first time.

As a result, the company said its earned $3.5 million less than originally reported for that fiscal year.

The Edmonton-based company revealed the new figures late Thursday in an anticipated restatement of its earnings.

CV Technologies said it underestimated the amount of product returns after introducing Cold-fx to the U.S. in the fourth quarter of 2006 and "correspondingly overestimating revenue from product sales." ...more

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