0001140361-13-025244.txt : 20130614 0001140361-13-025244.hdr.sgml : 20130614 20130614063526 ACCESSION NUMBER: 0001140361-13-025244 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130614 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130614 DATE AS OF CHANGE: 20130614 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UROPLASTY INC CENTRAL INDEX KEY: 0000890846 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 411719250 STATE OF INCORPORATION: MN FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32632 FILM NUMBER: 13912801 BUSINESS ADDRESS: STREET 1: 5420 FELTL ROAD CITY: MINNETONKA STATE: MN ZIP: 55343 BUSINESS PHONE: (952) 426-6140 MAIL ADDRESS: STREET 1: 5420 FELTL ROAD CITY: MINNETONKA STATE: MN ZIP: 55343 8-K 1 form8k.htm UROPLASTY, INC 8-K 6-14-2013

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 8-K

CURRENT REPORT
Pursuant to Section 13 or 15 (d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 14, 2013

Uroplasty, Inc.
(Exact name of registrant as specified in its charter)

Minnesota
(State or other jurisdiction of
incorporation or organization

(001-32632)
41-1719250
Commission File No.
(I.R.S. Employer
 
Identification No.)
 
 
5420 Feltl Road
 
Minnetonka, Minnesota
55343
(Address of principal executive offices)
(Zip Code)
 
 
Registrant’s telephone number, including area code
(952) 426-6140


(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 5.02.  Departure of Directors and Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On June 14, 2013, Medi A. Jiwani, Chief Financial Officer of Uroplasty, Inc. (“Uroplasty”) was placed on administrative leave and relived of duties until resolution of the issues related to internal control over financial reporting described in Item 8.01 of this Form 8-K.

Item 8.01.  Other Events

On June 14, 2013, Uroplasty announced that the filing of its Annual Report on Form 10-K will be delayed pending review of its internal control over financial reporting related to the expense reimbursements and related to the timing of the recognition of orders and the payment of sales commissions at the end of fiscal quarters. Uroplasty has filed a Form 12b-25 and issued a press release announcing the delayed filing

Item 9.01.  Financial Statements and Exhibits

Exhibit 99 Press Release Dated June 14, 2013.

SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
UROPLASTY, INC.
 
 
 
 
By
/s/ROBERT C. KILL
 
 
Robert C. Kill, Interim Chief Executive Officer

Dated: June 14, 2013
 
 

EX-99 2 ex99.htm EXHIBIT 99

Exhibit 99

Uroplasty Announces Delay in Filing Form 10-K
Chief Financial Officer on Administrative Leave

MINNEAPOLIS, MN, June 14, 2013 – Uroplasty, Inc. (NASDAQ: UPI), a medical device company that develops, manufactures and markets innovative products to treat voiding dysfunctions, announced today that it will delay the filing of its Annual Report on Form 10-K for the year ended March 31, 2013, until the completion of a review of its internal control over financial reporting.

In connection with a review of employee expense reimbursements conducted after the end of the fiscal year, the Company uncovered limited issues related to the internal controls surrounding the employee expense reimbursement approval process. The Company preliminarily concluded that these issues were unlikely to materially affect its financial statements. However, as a result of this review, the Company later uncovered issues in internal control related to the recognition of orders and the payment of sales commissions at the end of fiscal quarters. The Company concluded that further review was advisable. The review is being conducted at the direction of the Audit Committee of the Board of Directors of the Company, with the assistance of independent advisors.

Based upon facts available, the Company does not currently believe that a material revision of its previously released earnings is likely. However, the review of internal control issues has not been completed and the Company is unable at this time to fully assess the potential impact on its financial statements.

The Company has placed Mahedi Jiwani, its Chief Financial Officer, on administrative leave pending completion of the internal control review.

About Uroplasty, Inc.
Uroplasty, Inc., headquartered in Minnetonka, Minnesota, with wholly-owned subsidiaries in The Netherlands and the United Kingdom, is a global medical company committed to offering transformative treatment options to specialty physicians. Our products are designed to help providers change the lives of their voiding dysfunction patients and strengthen the efficiency of their practices. Our focus is the continued commercialization of our Urgent® PC Neuromodulation System, the only FDA-cleared system that delivers percutaneous tibial nerve stimulation (PTNS) for the office-based treatment of overactive bladder and associated symptoms of urgency, frequency and urge incontinence. We also offer Macroplastique®, an injectable urethral bulking agent for the treatment agent for the treatment of adult female stress urinary incontinence primarily due to intrinsic sphincter deficiency. For more information on the company and its products, please visit Uroplasty, Inc. at www.uroplasty.com.

Forward-Looking Information
This press release contains forward-looking statements that reflect our best estimates regarding future events and financial performance. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from our anticipated results, including further facts or issues that may be uncovered during the course of the review and investigation referenced in this press release.