6/19/2002 - Measurement Specialties, Inc. (AMEX: MSS) today announced that the Securities and Exchange Commission (the "SEC") has commenced a formal investigation relating to the matters reported in the Company’s quarterly report on Form 10-Q for the quarter ended December 31, 2001. The Company, at its own initiative, contacted the staff of the SEC after discovering that its Chief Financial Officer (the “CFO”) had failed to accurately and timely inform senior management, the Board and the Company’s auditors of a covenant default under its credit agreement and the lenders' refusal to waive that default. Since February 2002, the Company and a Special Committee formed by its Board of Directors have been cooperating with the staff of the SEC.
Joseph R. Mallon Jr., Chairman and Chief Executive Officer, stated "Measurement Specialties is committed to working with the staff of the SEC regarding all inquiries into the Company's and management's activities. The formal investigation provides us with the opportunity to address fully any concerns that the SEC might have. As I have previously stated, Measurement Specialties is fully determined to return to and add to our years of rapid, successful growth. We remain focused on the business of the Company and look forward to the completion of the SEC's formal investigation."
Measurement Specialties cannot predict at this time whether the SEC will pursue an enforcement action against the Company or any of its officers and directors.
Measurement Specialties is a designer and manufacturer of sensors, and sensor-based consumer products. Measurement Specialties produces a wide variety of sensors that use advanced technologies to measure precise ranges of physical characteristics, including pressure, motion, force, displacement, angle, flow, and distance. Measurement Specialties uses multiple advanced technologies, including piezoresistive, application specific integrated circuits (ASICs), micro-electromechanical systems (MEMS), piezopolymers, and strain gages to allow their sensors to operate precisely and cost effectively.
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