Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  Johnson & Johnson    JNJ

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets 

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

share with twitter share with LinkedIn share with facebook
share via e-mail
0
03/26/2012 | 05:50pm CET

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
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on JOHNSON & JOHNSON
01/20 JOHNSON & JOHNSON : Trump taps Jets owner Woody Johnson as UK ambassador
01/20 JOHNSON & JOHNSON : R.I. Gov. Raimondo strikes a balance in 2 speeches on 1 day
01/20 JOHNSON & JOHNSON : Jets owner johnson is trump's choice as ambassador to u.k.
01/20 JOHNSON & JOHNSON : Ethicon Announces Acquisition of Megadyne Medical Products, ..
01/20 JOHNSON & JOHNSON : New York Jets owner Woody Johnson set to be US ambassador to..
01/20 JOHNSON & JOHNSON : Trump appears to announce Jets owner as Britain ambassador T..
01/20 JOHNSON & JOHNSON : Donald Trump picks New York Jets owner Woody Johnson as U.S...
01/19 JOHNSON & JOHNSON : New York Jets owner Woody Johnson to be US ambassador to UK
01/19 JOHNSON & JOHNSON : Trump appears to announce Jets owner as Britain ambassador
01/19 THE LATEST : Jets owner Johnson seemingly named UK ambassador
More news
Sector news : Pharmaceuticals - NEC
01/20 European shares ease ahead of Trump inauguration
01/20 Bristol-Myers shares fall on lung cancer timeline setback
01/19DJRival to EpiPen Allergy Treatment to Return to Market--Update
01/19DJRival to EpiPen Allergy Treatment to Return to Market
01/19 Davos CEOs 'go local' on supply chain in Trump era
More sector news : Pharmaceuticals - NEC
News from SeekingAlpha
01/20 Why Gilead Is Undervalued
01/20 The Most Important Keys To Celgene's Pipeline
01/20 BOEING : Ready To Take Off... You Haven't Seen Anything Yet
01/20 J & J's Ethicon unit buys electrosurg device maker Megadyne Medical Products
01/19 My 4th Quarter And Final 2016 Portfolio Review
Advertisement
Financials ($)
Sales 2016 72 019 M
EBIT 2016 21 880 M
Net income 2016 16 368 M
Finance 2016 16 902 M
Yield 2016 2,75%
P/E ratio 2016 19,34
P/E ratio 2017 17,10
EV / Sales 2016 4,08x
EV / Sales 2017 3,83x
Capitalization 310 685 M
More Financials
Chart JOHNSON & JOHNSON
Duration : Period :
Johnson & Johnson Technical Analysis Chart | JNJ | US4781601046 | 4-Traders
Full-screen chart
Technical analysis trends JOHNSON & JOHNSON
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 125 $
Spread / Average Target 9,5%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Alex Gorsky Chairman & Chief Executive Officer
Dominic J. Caruso Chief Financial Officer & Vice President
Paulus Stoffels Chief Scientific Officer & Executive VP
Charles O. Prince Independent Director
William David Perez Independent Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
JOHNSON & JOHNSON-0.88%310 685
ROCHE HOLDING LTD.1.29%200 208
PFIZER INC.-2.40%192 367
NOVARTIS AG-3.71%185 489
MERCK & CO., INC.2.48%166 338
SANOFI-0.52%104 512
More Results