Symmetry Medical's stock falls as aud...

Symmetry Medical's stock falls as audit begins

There are 229 comments on the The Indianapolis Star story from Oct 5, 2007, titled Symmetry Medical's stock falls as audit begins. In it, The Indianapolis Star reports that:

Warsaw orthopedic device supplier Symmetry Medical's stock fell today after it disclosed it has begun to audit its business in Sheffield, United Kingdom, for financial irregularities.

Join the discussion below, or Read more at The Indianapolis Star.

Tyron Shulaces

Chesterfield, UK

#178 Jan 13, 2012
Although I wouldn't call him a friend, I tend to agree with Barry aBone
I really do think the company has long since gone by it's sell by date and the imminent closure is not far away now.

The writing is on the wall.
O'Sulliva didn't travel 7,500 miles for nothing.

The sacrificial slitting of the lisk throat was not for nothing.

They have not spent a penny on the place that cannot be recovered for no reason.

They throw jobs in the pot that they know we cannot complete on time. This is calculated, part of the scheme.

Watters new suit will not be wasted, they can also bury him in it.

Kester has not been on site for 12 months without making 1 single friend for nothing

They blocked off the gate on Lowther Road so that we could not escape once we had been told to strip off and go for a shower.

There has been some feathering of nests that has not gone unnoticed.
spunk gurgler

Bradford, UK

#179 Jan 13, 2012
Oh how the bell tolls
the end is nigh
the fat lady is sining (no ref to any women stll present at symmetry)
and some body as shot all the flying pigs (no reference to any wed scum present at symmetry )
ps by my name youd think i was a team leader
mandy lifeboat

Leeds, UK

#181 Jan 14, 2012
sinkin ship
everybody off
aaaaaaaaaaaaaaargh
if you think you are going under just stabd on a few heads
dick trickle

Bradford, UK

#182 Jan 15, 2012
symmetry is goin down quicker than a cruise ship in the med
get your life jackets on
Tyron Sholaces

Chesterfield, UK

#184 Jan 16, 2012
Every body please leave the factory in an orderly manner so that they can lock the gates behind you for the last time. Good luck with the future. Im sure you will all find alternative employment.

It will all be over by September. Nostradamers predicted it.
Justin Cyder

Chesterfield, UK

#185 Jan 16, 2012
Well I for one enjoyed working there. the indians were great but the cheefs were pathetic. No wonder we got closed down
seaman staines

Bradford, UK

#186 Jan 16, 2012
arrghh i predicked a storm for what could be a year
if we can stay away from dem rocks we could steer clear
me thinks the captains mind is a blank

notbe long before hes walkin the plank

so come on aboard the good ship symmetry
we may be able to start a well planned mutiny
arrrrrgggh!!!!!
Falselimb

Bournemouth, UK

#188 Jan 19, 2012
Jeeez if them tos s ers in the new forge didnt feel the need to bleed us dry at every oppertunity who knows ., 12hrs even when they have fick all to do, and Mark useless Gore ,,,get a grip man.
B gordon get a grip man
And that sinking bag o shite medishat, been draggin the company down for years turning out shit by the shed load.
I think Watters suit is quite nice they should get Thackery the security spy one to match then they could look like a bad two Ronnies.
So euro hatchet man has been 14 to go,no doubt the shop floor again,be nobody to work the presses /stamps/hammers/grinding wheels soon.
Wonder if Captain Kes will leave the sinking ship,before it crashes on the shores of the Don
Glug glug glug....
fslselimb

UK

#191 Jan 31, 2012
so they have got senior, norman , bell and whiteley as us sec launches action in us federal court,. Moore has to pay back $450.000, fred hite pays back $250.000 and all that time us mushrooms told we have no money for payrises, the cheeky bstar ds,
I feel sick, be nice to see em all in orange jumpsuits at guantanamo getting waterboarded.

Hahaha
Falselimb

Milton Keynes, UK

#192 Jan 31, 2012
Four former executives of Symmetry Medical Inc.'s (SMA) U.K. subsidiary agreed to settle charges of inaccurate financial reporting that allegedly altered their parent company's results.

The Securities and Exchange Commission also reached separate agreements with two of Symmetry's top executives to recover bonuses and stock profits bolstered by the U.K. unit's allegedly inaccurate operating results. The agency didn't accuse either U.S. executive of knowing about the alleged scheme at Thornton Precision Components, a medical device maker in England.

Symmetry released a statement noting its audit committee promptly reported findings of the accounting irregularities after the company discovered them in 2007.

President and Chief Executive Thomas J. Sullivan told Dow Jones Newswires the company has since put in place stronger internal controls.

Though the settlement clawed back some two of its executives' past compensation, Symmetry did not itself pay any fines.

"Events predated to 2007 have already been disclosed to our investors," Sullivan said.

The SEC charged European operations vice president Richard J. Senior, finance director Matthew Bell, controller Lynne Norman and management accountant Shaun P. Whiteley with carrying out the scheme, which allegedly inflated assets and revenue while underreporting expenses over a three-year period.

The four executives and accountants agreed to settle the SEC's charges, the agency said. Two outside auditors, formerly of Ernst & Young LLP UK, agreed to suspensions for their failure to flag the results.

"The accounting fraud orchestrated by TPC executives had a ripple effect right up to the financials of the parent company," SEC associate director Stephen L. Cohen said. "We also found significant failures by two outside auditors, which helped this fraud to continue undetected."

Former Symmetry Chief Executive Brian S. Moore separately agreed to reimburse the company $450,000 for incentive pay and stock-sale proceeds gained after Thornton Precision's alleged misreporting. Chief Financial Officer Fred L. Hite agreed to a $25,000 penalty while reimbursing the company $185,000. Both settlements are subject to court approval.

Symmetry shares closed down 1.6% at $7.54 Monday and were lightly traded after hours. The stock is off 21% over the past

So Senior and co agree to settle SEC claims, thats why hes put his house up for sale, nice little council flat for you laddy.

Please all charitable donations to RS and LN

LOLOLOLOLOLO!O
Cookin de books

UK

#194 Feb 1, 2012
Maybe if those who "were" employed to control the finances of the business had the spine to stop this from happening in the first place the business wouldnt have got out of control. They should be struck-off from "practising" in this profession totally!!!!

"The plan was led by Richard Senior, who began his career at TPC as an apprentice at age 16, working his way up the ranks to senior VP and general manager for European operations by the time the fraud was uncovered in 2007, according to court documents.

"Beginning as early as 1999 4 years before TPC was acquired by Symmetry and 5 years before Symmetry's IPO Senior orchestrated a scheme designed to create the false appearance that TPC was achieving its monthly financial performance targets," according to the SEC's official complaint. "Defendants concealed their fraud by falsifying corporate books and records and by lying to Symmetry's auditors. The scheme stopped only when, in late September 2007, a manager at TPC disclosed the scheme to Symmetry's CEO."

Senior, 48, involved TPC controller Lynne Norman from the beginning. In 2002 the duo targeted Matthew Bell, who had recently been appointed TPC's financial director. Bell initially objected to the scheme, according to SEC documents, but was coaxed into playing along at Senior's insistence that the jobs of TPC personnel depended on maintaining the appearance that the company was doing well.

Norman and Bell then enlisted the aid of Shaun Whiteley, a management accountant, who helped cook the books periodically after leaving the company in 2006, according to the settlement"
fiddler on the roof

Chesterfield, UK

#195 Feb 3, 2012
bet the sales of bog rolls have gone in sheffield

hope they all go down for donkeys years

senior gets bread and water, mouldy bread and stagnant water

big mat bell gets buggered every night in prison till his arse is a blurr

whitely slits his own throat cos he cant stand the lack of comfort

norman goes on cell block H and all the lesbian inmates shag her and nick her food, she might loose a couple of hundredweight of blubber

and we all live happily ever after, except uncle fester who might get run over with a bit of luck

hey, i know, he could get locked up for being ugly and end up in a cell with the others. he he he
falselimb

UK

#196 Feb 3, 2012
Seniior and co have agreed to pay up, so they wont be doing USA porridge, unfortunately boohoo.
But he just may be made bankrupt the t wat
fiddler on the roof

Leeds, UK

#197 Feb 4, 2012
they have only agreed with an arm up their back
by the time they come to seize assetts senior will have hid em all behind corry's shed

hard labour on 12 hours, thats the only punishment. breaking stones up with a toothbrush. food by tonnage bonus only
Robin Banks

Leeds, UK

#198 Feb 4, 2012
still some croneys left in the place
all as guilty as the others
wall still sups with senior
fox is bent as nine bob note
watters feathering his nest at others expense
robinson, who me
some reckoning to do at other sites too
flashlimp

Enfield, UK

#200 Feb 11, 2012
You lot clearly ant read the statement word for word, they wont be paying a penny back! The accountants can no longer practice, Bell took early retirement and moved abroad so means jack shit to him!

Norman was bullied by senior to do what she did, whitely was easily bribed with money.

Seniors house isnt on the market to pay back any money cus its only Hite and Moore who have paid owt back!
Falselimb

Sheffield, UK

#201 Feb 17, 2012
See nobody has gone from accounts! Bet some people r rubbing there hands together on a big fat bonus!! Skill depletion yet again!
phil macrack

Bradford, UK

#202 Feb 17, 2012
Dong Dong Dong the bells a tolling ,the fat ladies of symmetry are singing in end is indeed nearly nigh ,one word QDIP
no more skills people we no skills leaving
Not b long before James pawsley is running
Dwayne Pipe

Chesterfield, UK

#203 Feb 22, 2012
All down hill from here on

into the drains and down the sewers
same as the piss from the master brewers
not be long before its gone
we'll all be ot the gates
singin this song

into the sewers and down the drain
it burns my heart like acid rain
not be long tilt padlocks on
as if we did anythin wrong

theres one thing, when it does shut
it'll not be a shame about all the lost skills cos there int none left any road
survivor

Harlow, UK

#204 Feb 23, 2012
ouch it must have been hard all you useless assholes that got f$$ked off from symmetry you no who you are ya sad F@@kers the ones that cant bare to see the company move from strengh to strengh the other sad f@@kers that slate it and still work thier have lost thier perks because corry senior womack and big lad pearson have been washed out with the flood best thing that ever happened for us????????? tee hee hee

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