Symmetry Medical, an orthopedic device company, has reached a settlement to conclude an investigation by the United States Securities and Exchange Commission, which began in 2007, according to a company news release.
The investigation was prompted by the discovery of accounting irregularities at the company's Sheffield, UK operating unit, suggesting former employees colluded to falsify records. Symmetry Medical discovered the irregularities and self-reported them. Since then, the company has cooperated with the SEC inquiry.
Under the settlement, the company will consent to an administrative cease-and-desist order to comply with relevant provisions of the securities laws. No fraud charges have been brought against the company and there has been no civil penalty or other financial obligation imposed on the company as a result of the settlement.
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Under the settlement, the company will consent to an administrative cease-and-desist order to comply with relevant provisions of the securities laws. No fraud charges have been brought against the company and there has been no civil penalty or other financial obligation imposed on the company as a result of the settlement.
Related Articles on Orthopedic Device Companies:
Wright Medical Group Names Daniel Garen Senior Vice President, COO
KFx Medical Receives Patent for Rotator Cuff Repair Device
ConforMIS Raises $89M for Future Development