Biomet has reached a deferred prosecution agreement with the U.S. Department of Justice and a consent to final judgment with the U.S. Securities and Exchange Commission related to a Foreign Corrupt Practices Act investigation.
The DPA requires the company to appoint an independent external compliance monitor to review its compliance with the DPA, focusing on the company's international sales practices. The monitor must be in place for at least the first 18 months of the DPA's three-year term.
Biomet will also pay a $17.8 million penalty to resolve charges brought by the DOJ. Furthermore, the company reached a settlement with the SEC on civil claims related to the DOJ investigation. The company will disgorge profits and pay prejudgment interest in the aggregate amount of $5.5 million.
The investigations stemmed from allegations that the company bribed government-employed physicians in Argentina, Brazil and China for business over an eight-year period, according to a Businessweek report.
http://www.businessweek.com/ap/2012-03/D9TOCFLO0.htm
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Biomet will also pay a $17.8 million penalty to resolve charges brought by the DOJ. Furthermore, the company reached a settlement with the SEC on civil claims related to the DOJ investigation. The company will disgorge profits and pay prejudgment interest in the aggregate amount of $5.5 million.
The investigations stemmed from allegations that the company bribed government-employed physicians in Argentina, Brazil and China for business over an eight-year period, according to a Businessweek report.
http://www.businessweek.com/ap/2012-03/D9TOCFLO0.htm
More Articles on Orthopedic Devices:
Benvenue Medical Launches Blazer Vertebral Augmentation System
Bacterin Revenue Jumps 96% in 2011
Symmetry Medical Launches 12 Line Enhancements for Retractor System