NEW BEDFORD – Quaker Fabric Corporation, the Fall River-based upholstery manufacturer, has dropped Arthur Andersen LLP as its independent accountant, replacing the embattled accounting firm with PricewaterhouseCoopers LLP.
On June 14, Quaker filed a statement with the Securities and Exchange Commission concerning the move, after the company’s audit committee of the board of directors voted to dismiss Andersen.
In the filing, Quaker stated that the dismissal of Arthur Andersen was not "a reflection of Andersen’s capabilities, commitment or quality of service" to Quaker. The company stated that Arthur Andersen "exhibited the highest degree of professionalism and quality of service."
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Quaker sells fabric in more than 40 countries, producing over 40 million yards of fabric a year at its facilities in Fall River and Somerset, Mass. Last year, Quaker posted approximately $330 million in revenues.
Infinity Pharmaceuticals
reports $70 million in funding
BOSTON – Infinity Pharmaceuticals has announced that it has raised $70 million through a private placement of Series B Preferred Stock. Three Crowns Capital served as placement agent, assisting in the arrangement of the Series B financing.
The financing was led by Advent Venture Partners (UK), and includes both Series A investors, Venrock Associates and Prospect Venture Partners, and several new leading life science investors – Vulcan Ventures Inc., HBM Bioventure Ltd., Novartis Bioventure Fund, Wellcome Trust Limited, Tallwood L.P., Lotus BioScience Investment Holding and Alexandria Equities, LLC.
Massachusetts
treasurer leads Democrats in poll
BOSTON – Massachusetts State Treasurer Shannon O’Brien is best positioned among Democrats to take on Republican candidate Mitt Romney in the state’s gubernatorial election in November, according to a Boston Herald poll.
O’Brien, with 31 percent support, has a 12-point lead over her nearest rival, former Labor Secretary Robert Reich, according to the poll of 406 Democratic voters. O’Brien three weeks ago received the Democratic Party’s convention endorsement in Worcester, the Herald said. Senate President Thomas Birmingham is in third place with 12 percent support among those polled, the Herald said.
Former Democratic National Committee Chairman Steven Grossman trails with 6 percent, and former state Senator Warren Tolman is last with 3 percent, the paper said. About three in 10 Democratic voters still haven’t made up their minds in the race, the paper said.
The Boston Herald’s poll, conducted last week, is the first independent survey to gauge the Democratic field since the party’s convention. The poll has a margin of error of plus or minus 4.9 percentage points, the paper said. (Bloomberg News)
St. Anne’s Hospital
wins service, marketing awards
FALL RIVER – Saint Anne’s Hospital has received awards for a variety of initiatives, including The Fall River Chamber of Commerce’s "Brayton Community Service Award" for outstanding community service in Greater Fall River. Saint Anne’s was one of two area facilities and six individuals honored at the annual awards banquet on June 19.
The hospital also received merit, bronze, and silver awards for advertising and marketing of the hospital’s cardiology and pain management services, awarded during the recent 19th annual healthcare advertising awards sponsored by Healthcare Marketing Report.
ProMutual Group
names Afonso vice president of claims
BOSTON – ProMutual Group, provider of medical malpractice liability insurance in the Northeast, has appointed Almor Afonso to the position of Vice President of Claims.
Afonso previously served as vice president of claims for Healthcare Underwriters Mutual Insurance Company, which is based in Latham, New York. He also held numerous management positions for the St. Paul Insurance Company for 10 years.
ProMutual Group provides medical professional liability insurance coverage to nearly 16,000 physicians, surgeons and dentists as well as hundreds of hospitals, health centers and clinics throughout the New England area.
Babson College
launches blended MBA program
WELLESLEY – Babson College has announced the launch of its new, fully integrated, Fast Track MBA program (http://www.babson.edu/mba/fasttrack/). The online/onsite MBA program integrates traditional onsite classroom instruction with distance learning components.
Intel Corporation sponsored the creation of the program and has since modeled it with 33 employees over the past year (www.babson.edu/mba/intel). The program is expected to launch in January 2003 and is currently enrolling students throughout the Northeast.
This program is accepting applications for enrollment in fall 2002. More info is available at www.babson.edu/mba.
(Compiled from news reports and releases.)
