SEC
Whistleblower
Attorneys

November 02, 2017

Osiris Therapeutics, Inc., Phillip R. Jacoby, Jr., Gregory I. Law, Lode B. Debrabandere, Bobby Dwayne Montgomery

Financial Fraud

SANCTION AMOUNT: $1500000

Defendants: Osiris Therapeutics, Inc.
Phillip R. Jacoby, Jr., Gregory I. Law, Lode B. Debrabandere, Bobby Dwayne Montgomery

Partial settlement (by the entity Defendant) of charges of fraudulent accounting and deficient financial statement. The company allegedly improperly: (i) recognized revenue using artificially inflated prices; (ii) backdated documents to recognize revenue in earlier periods; (iii) prematurely recognized revenue upon delivery of products to be held on consignment; (iv) used pricing data known to be false; and (v) attempted to book revenue on a fictitious transaction, among other accounting improprieties.

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