Endocare agrees to SEC consent judgment, Department of Justice agreement

By Lisa Kerner

Charlotte, N.C., July 19 - Endocare, Inc. said it has agreed to a consent judgment with the Securities and Exchange Commission and entered into a non-prosecution agreement with the Department of Justice, effectively resolving the SEC and DOJ investigations started in January 2003.

Under the terms of the SEC judgment, Endocare, without admitting or denying any wrongdoing, will pay a total of $750,000 in civil penalties and is enjoined from future violations of securities laws.

Endocare will not be prosecuted for any crimes committed by the company's employees in relation to the DOJ investigation, under the DOJ agreement.

"With resolution, we can now focus on the future for our company, including the completion and implementation of our strategic plan and the further development and commercialization of our technology platform," chief executive officer Craig T. Davenport said in a company news release.

"In addition, we intend to pursue relisting on Nasdaq."

Endocare is an Irvine, Calif.-based medical device company developing minimally invasive technologies for tissue and tumor ablation.

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