Merge Discloses Accounting Missteps; Former Executives Bypassed Internal Controls

Summary

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Merge Technologies Inc., a fast-growing medical software company, disclosed Wednesday that former executives bypassed internal accounting controls, resulting in inflated profit and revenue in its financial statements since 2002.

The disclosure, contained in revised financial statements for 2005 and the first quarter of this year, was filed with the Securities and Exchange Commission.

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Merge Discloses Accounting Missteps; Former Executives Bypassed Internal Controls

The new statements show that the West Allis-based company, once praised for its impressive performance, was less profitable than previously reported.

Merge, which does business as Merge Healthcare, has been enmeshed ...

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