ImClone to Restate 2001 Financial Results

ImClone Systems Inc. said it would restate financial reports for 2001 and later because former Chief Executive Samuel Waksal, who pleaded guilty to insider trading last year, didn’t pay some taxes.

Waksal owes New York state income taxes and may not have paid some federal taxes, the biotechnology company said. ImClone is in talks with federal and state tax officials and will take a charge of at least $23.3 million. The company also said it would delay filing its 2002 annual report with U.S. regulators.

Shares of New York-based ImClone fell $1.82 to $16.54 on Nasdaq.