There are red faces on both sides of the Atlantic as US information management giant Lason Inc proceeds with its $114.3m agreed acquisition of M-R Group Plc, the UK-based document management company. It has just emerged that ten officers and employees of Lason subsidiary American Presort Inc (API), one of the largest mail sorting companies in the US, were arrested last week in connection with an alleged scheme to defraud the US Postal Service of more than $25m.
Troy, Michigan-based Lason quickly put out a statement saying the alleged offences took place before it acquired API in March this year and claimed the federal indictment is unrelated to Lason’s current operations. But Lason shares crashed over fell $11.1 to $40.5 on news of the arrests and M-R Group shares fell 24.5 pence to 129 pence.
