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Harvard Bioscience Audit Analytics

Forensic Investigation and Form 10-K for Fiscal 2015

As previously disclosed, the Company’s Form 10-K filing, as well as this earnings release, were delayed due to the timing of a forensic investigation initiated by the Company following its discovery that an employee at Denville Scientific, Inc., one of its wholly-owned subsidiaries (“Denville”), appeared to have embezzled money from the Company and manipulated certain records in an attempt to conceal the theft.

As on April 29, 2015, the company notified that the forensic investigation has been completed. The total cash amount embezzled was less than $50,000.


Mr. Duchemin said, “We are relieved to be putting this unfortunate episode behind us. Our finance team, led by Rob Gagnon, our Chief Financial Officer, has worked diligently since the embezzlement was uncovered to complete the forensic investigation, as well as complete the year-end financial reporting process. Although a tremendous amount of effort has gone into it, this episode only impacted a small group of people while the rest of our organization has continued to execute on our long-term growth strategy, as indicated by the 6% constant currency revenue growth for the first quarter of 2016. I am proud of the way our organization has handled this difficult situation. It speaks to the values and ethics with which Harvard Bioscience prides itself, and expects all of our employees to conduct themselves.”