Biomet Reports Probe Of Sales Abroad
July 28, 2016 at 4:25 p.m.
By Staff Report-
The investigation is for possible violations of the Foreign Corrupt Practices Act. Among other things, the act forbids corporate bribery overseas.
The focus on the investigation is on "the sale of medical devices in a number of foreign countries by companies in the medical devices industry," according to a Biomet statement. It is unknown if other companies are involved in the investigation.
According to Biomet, the SEC probe is not connected with a separate Department of Justice investigation.
That probe into price fixing allegations was settled in September. Biomet will pay $26.9 million of a $281.1 million settlement that also involves Zimmer and DePuy and two other orthopedic firms. No companies admitted guilt in the settlement.
Biomet intends to cooperate with the SEC probe.
Biomet received a letter from the SEC about the informal investigation Sept. 25. That's the same day a private equity consortium officially acquired Biomet for $11.4 billion.[[In-content Ad]]
The investigation is for possible violations of the Foreign Corrupt Practices Act. Among other things, the act forbids corporate bribery overseas.
The focus on the investigation is on "the sale of medical devices in a number of foreign countries by companies in the medical devices industry," according to a Biomet statement. It is unknown if other companies are involved in the investigation.
According to Biomet, the SEC probe is not connected with a separate Department of Justice investigation.
That probe into price fixing allegations was settled in September. Biomet will pay $26.9 million of a $281.1 million settlement that also involves Zimmer and DePuy and two other orthopedic firms. No companies admitted guilt in the settlement.
Biomet intends to cooperate with the SEC probe.
Biomet received a letter from the SEC about the informal investigation Sept. 25. That's the same day a private equity consortium officially acquired Biomet for $11.4 billion.[[In-content Ad]]
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