Firm’s shares fall after FBI raid

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Monday, Nov. 25, 2002 | 11:12 a.m.

LAKEWOOD, N.J. -- Medi-Hut Co. shares sank after the maker of syringes and condoms said U.S. agents bearing a criminal search warrant raided the company's headquarters in Lakewood.

Medi-Hut shares tumbled 60 cents to $1.43 as of 11:37 a.m. New York time today on the Nasdaq Stock Market after falling as low as $1, its lowest price in more than three years.

Michael Himmell, an outside attorney for the company, said that more than a half-dozen agents from the Federal Bureau of Investigation and the U.S. Postal Inspection Service participated in Friday's search. Medi-Hut said it has not been advised of the nature of the government investigation.