Bioelectronics Corp (BIEL)

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So you would say that since Monsanto had a SEC Administrative Proceeding initiated against it on 2/9/2016 the FDA will freeze any of their pending applications and not accept any new applications until this matter is resolved which could take 300 days, right?


ACCOUNTING AND AUDITING ENFORCEMENT
Release No. 3741 /February 9, 2016

ADMINISTRATIVE PROCEEDING File No.3-17107
In the Matter of MONSANTO COMPANY,SARA M. BRUNNQUELL, CPA,
ANTHONY P. HARTKE, CPA, AND JONATHAN W. NIENAS,
Respondents.ORDER INSTITUTING ADMINISTRATIVE AND CEASE-AND-
DESIST PROCEEDINGS PURSUANT TO SECTION 8A OF THE SECURITIES ACT
OF 1933,SECTIONS 4C AND 21C OF THE SECURITIES EXCHANGE ACT OF
1934, AND RULE 102(e) OF THE COMMISSION’S RULES OF PRACTICE,
MAKING FINDINGS AND IMPOSING REMEDIAL SANCTIONS AND A CEASE-
AND-DESIST ORDER

1.
Monsanto is an agricultural seed and chemical company that
manufactures and sells glyphosate, a herbicide,under the trade name “Roundup.” During fiscal years 2009, 2010, and 2011,
Monsanto improperly accounted for millions of dollars of rebates
offered to Roundup distributors and retailers in the U.S. and Canadato incent them to purchase Roundup. Monsanto
also improperly accounted for rebate payments
to Roundup customers in Canada, France, and Germany as
selling, general, and administrative expenses (“SG&A”) rather than rebates,which boosted Roundup gross profit
in those countries. Monsanto did not have sufficient internal
accounting controls to identify and properly account for rebate payments promised to customers
.
2.As a result, Monsanto materially misstated its consolidated
earnings, and its revenues and earnings for its Roundup
business lines, in its periodic reports filed with the
Commission for fiscal years 2009, 2010, and 2011.As a result of the improper accounting, Monsanto met consensus earnings-per
-share analyst estimates for fiscal year 2009.