Wright Medical targeted in SEC investigation
This article was originally published in The Gray Sheet
Executive Summary
Orthopedic firm is the latest to fall under the scrutiny of the Securities and Exchange Commission as the agency conducts an "informal" investigation into potential device industry violations of the Foreign Corrupt Practices Act. The act prohibits bribery of foreign public officials by U.S. companies. Wright was notified by letter June 10, and similar letters previously were received by Medtronic, Stryker, Zimmer, Biomet and Smith & Nephew (1"The Gray Sheet" Oct. 22, 2007, p. 10). "We intend to fully cooperate," Wright says in a same-day SEC filing. Separately, on June 3, AGA Medical settled criminal charges under the act related to payments it made to Chinese officials (2"The Gray Sheet" June 9, 2008, p. 15)
You may also be interested in...
AGA Medical Reaches Settlement With Justice Dept. Over Bribes In China
AGA Medical, a private firm that makes patent foramen ovale closure devices, agreed June 3 to immediately pay a $2 million criminal penalty under the Foreign Corrupt Practices Act (FCPA) and enter into a deferred prosecution agreement with the Department of Justice in connection with payments the company made to doctors in China
Foreign Corrupt Practices Act: Device Industry Under Scrutiny
Federal prosecutors have begun targeting medical device companies in Foreign Corrupt Practices Act investigations
US Q1 Consumer Health Earnings Preview: Label This One Historic And Challenging But Promising
US OTC drug and supplement firms’ reports of results for the first three months of 2024 began on April 19 with P&G. JP Morgan analysts say while “some retailers in the US in particular” are reducing consumer health inventories, for the overall sector they expect “a healthier balance of positive volume and lower pricing contribution.”