Indianapolis-based AIT Laboratories says it does not expect “a diversion of our time or attention” as a result of a lawsuit filed by the U.S. Department of Labor regarding the company's Employee Stock Ownership Plan. AIT is not a party to the lawsuit, which claims the price paid by the plan in 2009 was too high.
September 1, 2014
Indianapolis, Ind. — AIT Laboratories (AIT), a national leader in advanced toxicology laboratory services, issued the following statement today regarding the U.S. Department of Labor's lawsuit filed regarding the creation of AIT's Employee Stock Ownership Plan (ESOP):
“AIT Laboratories regrets to learn of the lawsuit filed by the Department of Labor (DOL) involving the ESOP creation in 2009. The DOL alleges that the price paid by the ESOP in 2009 was too high. It is important to note, however, that the DOL is not suing AIT Laboratories. It is also important to note that any money that the DOL could recover in the lawsuit would be payable to AIT's ESOP for the benefit of its employees.
AIT plans to continue working to grow the company, adding more well-paying Indiana jobs, despite the challenging business conditions that have been driven by sharp cuts to Medicare and other healthcare payment sources. We remain deeply committed to our mission of helping doctors manage the care of their patients, preventing the abuse and diversion of prescription narcotics, and helping crime labs and coroners identify causes of death.
It is our hope that this matter will be resolved quickly. We will monitor the progress of the action, but we do not expect a diversion of our time or attention, given that we are not a party to the lawsuit.”
Source: AIT Laboratories