Parexel delays 10-K filing as it looks into ‘misappropriation of corporate funds’

Parexel, one of the world’s largest CROs, is urgently looking into what it is calling an “incident of misappropriation of corporate funds by an employee” as it looks to let the SEC know just what has gone missing.

In its SEC 12b-25 filing this week, the firm said it would be late submitting its 10-K performance form as it has found out that one of its employees, who works “in one of the Company’s international operations,” has been misusing its money.

More details were not at hand, and while Parexel ($PRXL) said the amount was thought “not to be material,” it warns that there “can be no assurance in this regard until the company completes its review.”

FREE DAILY NEWSLETTER

Like this story? Subscribe to FierceBiotech!

Biopharma is a fast-growing world where big ideas come along every day. Our subscribers rely on FierceBiotech as their must-read source for the latest news, analysis and data in the world of biotech and pharma R&D. Sign up today to get biotech news and updates delivered to your inbox and read on the go.

This is now ongoing, and it will file its now late 10-K when it has got the bottom of what has happened and how much money is involved.

“The company expects to file the 2016 Form 10-K as soon as reasonably practicable, and, at this time, the company anticipates that it will be able to do so within the extension period of 15 calendar days.”

The company saw a major drop in its share price on the news, falling from a year high of more than $71 a share on Tuesday to $67 the next day. 

Read more on

Suggested Articles

By employing heart rate signals, physical activity and sleep quality, common Fitbit trackers may be able to predict the spread of the flu.

Nanox has raised $26 million to help fuel the development and commercialization of its Star Trek-inspired digital X-ray bed.

Oncology is clearly a major medical and societal issue, but one that sees too much focus from biopharmas at the expense of other killers.