ArthroCare sinks 42% after restating 2006-’07 financials to reflect lower revenue

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Medical device manufacturer ArthroCare Corporation (Nasdaq:ARTC) is down 42% after the company said ahead of the opening it would restate its financial results for 2006, 2007 and the most recent first quarter. The restatement will reflect lower revenues including a $4 million reduction in 2006, a $20 million reduction in 2007 and $2 million reduction in 2008 first quarter. The Austin-based company sank to a 52 week low of $23.91 at 11:02 a.m. ET, down $16.12. Trading volume was more than triple the average number of shares.

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