Symmetry Medical says UK unit overstated revenue

(Reuters) - Symmetry Medical Inc (SMA.N) said its Sheffield, UK unit overstated revenue dating back to 1999 and it may have to restate its financial statements for periods after the acquisition of the unit in June 2003.

The maker of orthopaedic implants said that as a result of the accounting issues, it is in default under its credit agreement and is in discussions with its lead bank concerning the situation.

Employees at the unit believed to be involved in the matter, including the senior vice president for Europe, are either no longer with the company or have been suspended pending the completion of a review, Symmetry said.

(Reporting by Jennifer Robin Raj in Bangalore)