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Diagnostic Products Inquiry

July 31, 2004|By a Times Staff Writer

Diagnostic Products Corp. said late Friday that it had received a federal grand jury subpoena seeking documents relating to trading of the company's stock this year by employees, executives and directors.

The grand jury also is seeking documents related to a review by the Food and Drug Administration of the company's application for approval of a test for the parasitic disease Chagas, the Los Angeles-based company said in a news release.

Diagnostic Products, which makes test kits for hospital and medical labs, also said it was "cooperating" with the Securities and Exchange Commission "regarding these matters." An internal probe of the stock-trading, conducted by an independent board committee, will be turned over to the SEC, the company said.

Company executives couldn't be reached for further comment Friday night.

Diagnostic Products' stock fell 6% on March 4 after the FDA suspended a review of the company's application for a test for Chagas' disease.

In February 2003, Diagnostic Products said it had turned over information to the SEC and the U.S. Justice Department regarding possibly illegal payments made to customers by a Chinese unit of the company.

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