PolyMedica axes employees.

Yesterday The Stewart News reported that PolyMedica Corporation (NASDAQ: PLMD, $26.15) had terminated 25 employees of its Liberty Medical Supply subsidiary. This comes ten days after the announcement of the unexpected immediate resignation of Liberty’s President W. Keith Trowbridge. To date PolyMedica has not announced the lay offs to investors. Yesterday’s Stewart News article is ###227.gif::attached below ###for your review.

It is Asensio & Company, Inc.’s opinion that PolyMedica’s reported criminal conduct has grossly inflated its stated earnings and created liabilities that far exceed its highest-estimated asset value. Exclusive of this evaluation, we believe PolyMedica’s accounting policies have overstated its assets and sales, and understated its expenses. We also have a strong negative opinion about its management. Asensio & Company, Inc. believes PolyMedica’s stock is grossly overvalued. Our reports on PolyMedica are available at www.asensio.com.

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Posted in PolyMedica Corporation

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