Member access

4-Traders Homepage  >  Shares  >  Nyse  >  Johnson & Johnson    JNJ   US4781601046

JOHNSON & JOHNSON (JNJ)

210
SummaryQuotesChart AnalysisNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 

Biomet To Settle With DOJ, SEC On Bribery Charges For $22.7Mln

03/26/2012 | 11:50am US/Eastern
Recommend:
0

Medical-device company Biomet Inc. has agreed to pay about $22.7 million to settle civil and criminal charges stemming from allegations the company's units and agents bribed public doctors in Argentina, Brazil and China for nearly a decade to win business, the Department of Justice and the Securities and Exchange Commission said Monday.

The agencies allege that Biomet and its four units paid bribes from 2000 to August 2008, and employees and managers at all levels of the parent company and the units were involved, along with distributors. Biomet's compliance and internal audit functions failed to stop the payments to doctors even after learning about the illegal practices, the agencies alleged.

A Biomet representative wasn't immediately available for comment.

Biomet agreed to pay a $17.3 million criminal penalty for allegedly violating the Foreign Corrupt Practices Act. In its Justice Department agreement, it is required to implement rigorous internal controls, cooperate fully with the Justice Department and retain a compliance monitor for 18 months. Additionally, the company will pay $5.4 million in disgorgement of profits and prejudgment interest, as part of its separate SEC settlement.

Biomet, a privately held company that sells products used by orthopedic surgeons, is the third medical device firm to enter into a settlement with government agencies as part of the SEC and Justice Department's ongoing global investigation into medical-device companies allegedly bribing publicly employed physicians. Previously, Johnson & Johnson (>> Johnson & Johnson) and Smith & Nephew PLC (SNN, SN.LN) agreed to pay criminal penalties and entered into deferred prosecution agreements related to similar investigations, the Justice Department said.

In January, Biomet said its fiscal second-quarter loss widened as a drop in spine and bone-healing sales as well as higher costs masked the company's revenue growth.

-By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108; ben.rubin@dowjones.com

Stocks mentioned in the article : Johnson & Johnson
Recommend :
0
React to this article
Latest news on JOHNSON & JOHNSON
1d ago JOHNSON & JOHNSON : J&J's Ethicon Unit Recalls its Power Morcellator Devices Aft..
2d ago JOHNSON & JOHNSON : Have You Had a Hysterectomy or Removal of Uterine Fibroids? ..
3d ago JOHNSON & JOHNSON : J&J withdraws fibroid treatment device from market
3d ago JOHNSON & JOHNSON : Power Morcellator Lawyers at Parilman & Associates Alert Pub..
5d agoDJWANTED : Biotech Startups in New York City
5d agoDJJOHNSON & JOHNSON : Press Release : FDA expands approved use of Imbruvica for ch..
07/24 JOHNSON & JOHNSON : Untraceable implants adding to woes
07/24 Activist Elliott Management sets its sights on IPG
07/23 JOHNSON & JOHNSON : New Findings on Dermatology from Johnson & Johnson Summarize..
07/23 JOHNSON & JOHNSON : Announces Quarterly Dividend for Third Quarter 2014
Advertisement
Chart
Duration : Period :
Johnson & Johnson Technical Analysis Chart | JNJ | US4781601046 | 4-Traders
Income Statement Evolution
Johnson _ Johnson : Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF