Invacare Corp. stock plunged last week after the FDA proposed a consent decree that would suspend some operations at the company’s headquarters and wheelchair plant in Ohio.
The stock (IVC) dropped 29 percent to close at $14.70 on Thursday after Invacare confirmed in a press release that it intends to enter into discussions with the FDA regarding terms of the decree. By mid-morning Friday, the stock had risen to $15.98.
Previous inspections by the FDA found problems at Invacare’s corporate facility and wheelchair manufacturing facility in Elyria, Ohio. The FDA consent decree would suspend certain operations at those facilities until the agency determined the company was in compliance with regulations.
Invacare’s press release said it has been working on improvements with the help of outside experts.
Tuesday, December 20, 2011