File this one under “Uh-oh!”
Parexel International, one of the largest clinical research organizations, disclosed late Tuesday that it had to delay filing its annual report with regulators because an employee in one of its international offices has apparently stolen money. In a very brief filing with the US Securities and Exchange Commission, the company called it a “misappropriation of corporate funds.”
The company learned about this on Monday, the same day that its annual report was to have been filed with the SEC. As of now, Parexel maintained the amount of stolen funds does not appear to be material, “but there can be no assurance … until the company completes its review.” And when will the annual report be filed? “As soon as (it’s) reasonably practicable,” Parexel wrote, although the company suggested the filing could occur within the normal 15-day extension period the SEC permits.