MedQuist, Mt. Laurel, N.J., the nation's largest medical transcription company, said its board has concluded that the company's 2002 and 2003 financial statements are not reliable. MedQuist said a resolution of legal actions related to customers it might have overcharged "may not occur in the immediately foreseeable future." The company said it could not predict when it would complete restatements. A class-action lawsuit filed by South Broward Hospital District, Hollywood, Fla., is pending. The three-hospital public system alleged that MedQuist overcharged it and several thousand other hospital and physician clients by millions of dollars for transcription services. MedQuist had previously disclosed that independent audits had found its billing practices in error. The company also is the subject of a Securities and Exchange Commission investigation. -- by Mark Taylor
MedQuist warns '02, '03 statements may be no good
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