The Commission's complaint further alleges that both Kearns and Van Fossen made false statements to auditors designed to conceal the billing complaints and the scheme itself. Both knew that customers and employees complained of billing fraud, but neither investigated the accuracy of the Company's line counts. Neither Kearns nor Van Fossen took steps to stop the scheme. According to the complaint, Kearns and Van Fossen knew that company offices were not calculating bills in accordance with customer contracts, but rather were secretly manipulating the number of transcribed lines charged to customers in order to increase revenues and profit margins. Van Fossen with participating in the fraudulent scheme. In a separate complaint, the Commission charged former MedQuist Chief Financial Officer Brian J. District Court for the Southern District of New York. The Commission's settlements with Donohoe and MedQuist are subject to the approval of the U.S.
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Donohoe agreed to be permanently enjoined from violating Section 17(a) of the Securities Act of 1933 ("Securities Act"), Sections 10(b) and 13(b)(5) of the Securities Exchange Act of 1934 ("Exchange Act") and Exchange Act Rules 10b-5, 13b2-1 and 13b2-2 and from aiding and abetting violations of Sections 13(a), 13(b)(2)(A), and 13(b)(2)(B) of the Exchange Act and Rules 12b-20, 13a-1, 13a-11, and 13a-13 thereunder. The complaint further alleges that Donohoe and others at MedQuist told shareholders and other public investors that the Company's strong financial performance was due to disciplined and conservative business practices, while at the same time it was engaged in overbilling customers. In its complaint, the Commission alleges that Donohoe, among other things, knew that the Company was increasing its bills to meet revenue and margin targets. Without admitting or denying the Commission's allegations, Donohoe agreed to a permanent injunction, a $75,000 civil penalty and a five-year officer and director bar. The Commission also filed a settled civil action against former MedQuist Director, President, and Chief Operating Officer John A.
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Without admitting or denying the allegations, MedQuist agreed to be permanently enjoined from violating the antifraud, reporting, books and records, and internal controls provisions of the federal securities laws. The Commission's complaint alleges that, from 1999 to 2004, MedQuist claimed in SEC filings, press releases and earnings calls that the Company's strong financial performance was due to its disciplined and conservative business practices, while at the same time it was systematically and secretly inflating customer bills to increase revenues and profit margins. The Securities and Exchange Commission today filed a settled civil injunctive action against MedQuist Inc., a medical transcription company based in New Jersey, charging it with securities fraud and other violations of the federal securities laws. and Former Senior Executives with Securities Fraud filed March 12, 2009) SEC Charges MedQuist Inc. filed March 12, 2009) Securities and Exchange Commission v. 3022 / MaSecurities and Exchange Commission v. 20949A / MaAccounting and Auditing Enforcement Release No.
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SECURITIES AND EXCHANGE COMMISSION Litigation Release No. M*Modal brings to the table a cloud-based "Speech Understanding" technology that aims to allow physicians the ability to capture the patient's story anywhere, anytime using any electronic device, as well as Natural Language Understanding technology which converts the narrative into structured clinical documents that can be shared and integrated with existing workflows or EHRs.MedQuist Inc.
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The consolidation means M*Modal clients will have access to MedQuist’s end-to-end clinical documentation solutions that aim to help caregivers capture the patient's complete clinical story and extract meaningful information used to populate electronic health records (EHRs) and automate the data used to feed business processes such as coding, billing and revenue cycle management. The company has plans to expand the core transcription business, open new markets, significantly increase the sales force and development resources, as well as leverage its intellectual property portfolio. In August of last year, MedQuist merged with M*Modal, who provided advanced Speech and Natural Language Understanding technology. Shares of the Company's common stock will begin trading on the NASDAQ Global Select Market under the symbol "MODL" on Jan.
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The Franklin, Tenn.-based MedQuist Holdings, a provider of integrated clinical documentation solutions, has announced the unification of the company's advanced speech and language understanding technologies, medical transcription, coding, HIM professional services, and analytics, under the name M*Modal.