BAYSHORE, N.Y., Aug. 15 /PRNewswire/ -- Aurora Medical Technology, Inc. (“Aurora”) announced today an internal investigation has been commenced by Aurora’s Board of Directors related to the trading of its stock between January 1, 2006, and July 31, 2006. The investigation is being conducted as a result of action commenced by the U.S. Securities and Exchange Commission against certain individuals, alleging that such individuals participated in a fraudulent scheme to manipulate the market for the stock of Aurora. As a result of the ongoing investigation, Aurora will delay the release of its financial statements for the quarter ended June 30, 2006, and the six months ended December 31, 2005.
Chief Executive Officer, Jahangir Rastegar, stated: “Aurora, its officers and directors are committed to fulfilling the Company’s potential and will continue to uphold the highest standards of integrity as well as fulfill our fiduciary duties to the Company and its shareholders.”
On or about July 14, 2006, Aurora received a subpoena from the U.S. Securities and Exchange Commission (the “SEC”) requesting the production of certain documents. In addition, officers, shareholders and board of directors members Harry S. Soroff, MD, Jahangir Rastegar, PhD, and Marc Leahy each received a subpoena from the SEC requiring their oral testimony. Aurora cannot give any assurance as to the outcome of these subpoenas, any related or subsequent investigation, or other matters that may arise therefrom.
Pursuant to Section 12(k) of the Securities Exchange Act of 1934, as amended, trading in Aurora common stock was temporarily suspended for the period from 9:30 a.m. EDT, on July 14, 2006, through 11:59 p.m. EDT, on July 27, 2006. The SEC stated, in its order suspending trading, “it appears to the [SEC] that there is a lack of current and accurate information concerning the securities of [Aurora] because of possible manipulative conduct occurring in the market for the company’s stock.”
Aurora is focused on resolving these issues as quickly as possible and plans to make available financial statements for the quarter ended June 30, 2006, and the six months ended December 31, 2005, as soon as practicable.
Cautionary Statement Regarding Forward-Looking Statements
This document contains certain forward-looking statements about Aurora. When used in this document, the words “anticipates”, “may”, “can”, “believes”, “expects”, “projects”, “intends”, “likely”, similar expressions and any other statements that are not historical facts, in each case as they relate to Aurora or the management of Aurora are intended to identify those assertions as forward-looking statements. In making any such statements, the person making them believes that its expectations are based on reasonable assumptions. However, any such statement may be influenced by factors that could cause actual outcomes and results to be materially different from those projected or anticipated. These forward-looking statements are subject to numerous risks and uncertainties. There are various important factors that could cause actual results to differ materially from those in any such forward-looking statements, many of which are beyond the control of Aurora. The actual results or performance by Aurora could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurances can be given that any of the events anticipated by the forward- looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of Aurora.
Aurora Medical Technology, Inc.
CONTACT: Marc Leahy, CFO of Aurora Medical Technology, Inc.,+1-631-754-9502
