Invacare reports embezzlement; authorities called in

Saturday, June 30, 2007

ELYRIA, Ohio - Authorities have begun investigating possible embezzlement at one of Invacare's foreign facilities, the company stated in a report to the Securities and Exchange Commission in mid-May. Invacare carries insurance on employee dishonesty for $5 million. Company officials do not believe the embezzlement and the related insurance proceeds will have a significant impact on the company. Invacare officials believe that the company had sufficient internal controls in place but they were somehow circumvented.