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In the Matter of Immucor, Inc. and Gioacchino de Chirico

 
:
Immucor - Immucor, Inc.
:
SEC Civil
:
September 27, 2007
:
In the Matter of Immucor, Inc. and Gioacchino de Chirico
:
In re Immucor Inc. and Gioacchino De Chirico, SEC Administrative Proceeding File No. 3-12846 (Sept. 27, 2007)
:
Immunicor and its President and COO, De Chirico, made an offer of settlement in anticipation of the SEC's institution of cease-and-desist proceedings. The SEC accepted the offer and issued its order. On the next day, the SEC filed a separate action against De Chirico seeking a civil penalty in the amount of $30,000. This civil suit was concluded with De Chirico's consent to a final judgment for a civil penalty of $30,000 without admitting or denying the allegations set forth in the SEC's complaint.
:
Healthcare-Medical Devices
:
Italy
:
2003; 2004
:
The director of a public hospital in Milan, Italy
:
Immunicor settled this action with the SEC without admitting or denying the following facts alleged in the SEC's order:
Immucor, Inc., a U.S. corporation ("Immucor"), is a medical equipment company specializing in the manufacture and marketing of products used in the pre-transfusion diagnostics of human blood. Immucor conducts business internationally through wholly-owned subsidiaries, including Immucor Italia, S.p.A., based in Italy ("Immucor Italia").

Gioacchino De Chirico, an Italian citizen and legal resident of Georgia, was the President and Chief Operating Officer of Immucor. As of September 2009, he continued to serve as Immucor's President and Chief Executive Officer.

According to the SEC, in January 2002, Immucor Italia sold blood testing units to Niguarda Hospital, a public hospital in Milan, Italy. In 2003, De Chirico allegedly arranged for the director of Niguarda Hospital to chair a medical conference in Italy on the topic of an Immucor product. At that time, De Chirico allegedly agreed to compensate the hospital director for his role at the conference in a method that would enable the hospital director to avoid paying income tax.

According to the SEC, in February 2004, Immucor Italia, acting through a sales agent, offered the hospital director a payment of 13,500 Euros (approximately $16,119) to influence his decision to award Immucor a contract. De Chirico allegedly approved payment pursuant to an invoice received from the sales agent in Italy, requesting 13,500 Euros for compensation for the hospital director's participation in the 2003 conference and requesting payment to a Swiss bank account.

Allegedly, under De Chirico's authorization, Immucor's German subsidiary made the payment to the Swiss account, recording the amount as a payment for consulting services in Switzerland that were never rendered. Thus, the payment to the hospital director was inaccurately booked as a consulting service paid pursuant to a false invoice.

De Chirico and Immucor consented to the SEC issuing a cease-and-desist order against De Chirico and Immucor on September 27, 2007, enjoining both parties from committing any further violations of the books and records and internal controls provisions of the Securities Exchange Act of 1934.

In September 2007, Immucor settled a class action lawsuit brought on behalf of Immucor common stock purchasers alleging fraudulent misrepresentations and ommissions connected to the alleged bribery committed by De Chirico and Immucor Italia.
:
Anti-bribery (Issuer), Books and records (Issuer), Internal controls (Issuer)
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Civil Settlement, Injunction/Cease and desist
:
Immucor was ordered to cease and desist from committing or causing any violations and future violations of Sections 13(b)(2)(A), 13(b)(2)(B), and 30A of the Exchange Act.
:
Not stated.
:
0
:
Issuer
:
U.S.
:
Contract Procurement/Retention
:
Not stated.
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Wire/check
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Sales Agent/Consultant, Subsidiary Company
:
16,119
:
Switzerland
:
Switzerland
:
No
:
Italy