SEC clears Misonix in China FCPA probe

June 20, 2019 By Brad Perriello Leave a Comment

Misonix (NSDQ:MSON) said today that the U.S. Securities & Exchange Commission cleared it after a probe of self-reported possible Foreign Corrupt Practices Act violations in China.

The case dates back to the fall of 2016, when then-chairman & CEO Michael McManus Jr. stepped down just before Misonix delayed its annual report due to “deficiencies” in its internal controls. The Farmingdale, N.Y.-based ultrasound device maker then voluntarily informed the SEC and the Justice Dept. of possible FCPA violations concerning a distributor in China.

In a June 18 letter the securities regulator said that it’s not recommending any enforcement action against Misonix over the FCPA, the company said today.

“We are pleased the SEC has concluded its investigation without recommending any enforcement action. Looking ahead, we remain focused on executing on our long-range strategic growth plan with the goal of creating added shareholder value and will continue to seek to operate at the highest levels of ethics, transparency and compliance while maintaining our overarching commitment to improving patient outcomes,” president & CEO Stavros Vizirgianakis said in prepared remarks.

Last month Misonix agreed to enact a six-year plan to reform its corporate governance and cover $500,000 worth of legal fees to settle a shareholders derivative complaint brought over the alleged violations.

FDA recommends limiting use of power morcellators
The FDA today recommended that laparoscopic power morcellators, which have been implicated in the spread of cancer, be limited to use with certain tissue containment systems and only in premenopausal women under 50 years of age. Power morcellators were used for 20 years to laparoscopically remove benign tumors of the uterus, known as fibroids, by… […]
Abilitech aims to arm people with independence
Some have dubbed Abilitech’s device “a wheelchair for the arms.” Its machined aluminum exoskeletal arm and breathable cloth vest use a spring counterbalance system and a “living hinge” that spreads the load, making it — and the arm — feel weightless. Nancy Crotti, Managing Editor Rob Wudlick brushed his teeth on his own recently for… […]
RJG Germany opens injection molding training facility
RJG Germany (Karlstein) recently opened a new training lab for injection molding. The facility consists of a classroom that seats up to 20 students and a fully equipped lab for hands-on experience. The technical center currently consists of a 60-ton injection molding machine from Yizumi Germany, temperature control units and a material drying system from… […]
Instron debuts two new universal testing systems
Instron (Norwood, Mass.) announced today that it is introducing a new generation of universal testing systems. The 3400 and 6800 Series are successors to the company’s 3300 and 5900 Series systems and are available in single- and dual-column models with capacities ranging from 500 N to 50 kN. Instron said it has added features and… […]
Medical tubing market to be worth $12 billion in 2025
The medical tubing market is expected to be worth $11.9 billion by 2025, according to an analysis from Grand View Research. Grand View Research suggests the industry will expand at a revenue-based consumer annual growth rate of 9.2% over the next five years. Increased health expenditures from individuals and increased emphasis on healthcare by the […]
How diaphragm pumps can work for sensitive devices
Diaphragm pumps work like bicycle pumps, with one intake and one output cycle per revolution of the drive motor, which produces an inherently pulsatile flow. Dynaflo developed one for the U.S. military that virtually eliminates this effect. Lorenzo Majno, Dynaflo Diaphragm pumps offer a number of features that could be valuable to designers of products… […]
MTD Micro Molding late president to be inducted into Plastics Hall of Fame
MTD Micro Molding this week announced that its late president, Dennis Tully, will be inducted into the Plastics Academy’s Plastics Hall of Fame. Tully is one of this year’s six posthumous inductees, who are elected by living members of the Hall of Fame following a screening process. “These new posthumous inductees proudly represent the length… […]
This neural implant can be both remotely charged and programmed
Engineers at Rice University’s Brown School of Engineering are touting the first neural implant capable of being programmed and charged remotely with a magnetic field. Kaiyuan Yang, Jacob Robinson, Zhanghao Yu and Joshua Chen collaborated to develop the integrated MagNI (magnetoelectric neural implant) microsystem, which could allow imbedded devices such as a spinal cord stimulator… […]
Integer shares up after Street-beating Q4
Integer Holdings (NYSE:ITGR) shares were up at close today on fourth-quarter results that topped the consensus forecast, despite a big dip in profits. The Plano, Texas-based company posted profits of $11 million, or 33¢ per share, on sales of $325.6 million for the three months ended Dec. 31, 2019, for a 57.2% bottom-line slide on sales… […]
These young medtech companies raised the most money in 2019
Medical device industry insiders may very well remember 2019 as the year that IPOs came back — but another sign that the U.S. economy has left the Great Recession far behind. Among the top investment deals in the space, half involved public offerings, according to the MoneyTree report from PricewaterhouseCoopers (PwC) and CB Insights. Total investments in… […]
Teleflex Medical OEM acquires medical tubing company
Teleflex Medical OEM (Wayne, Pa.), today announced the acquisition of IWG High Performance Conductors (HPC), a medical tubing and wire components manufacturer. The addition bolsters Teleflex Medical OEM’s position in the arena of custom-engineered medical devices and its ability to provide clients with technologies used in electrophysiology, drug- and stent-delivery and neurovascular interventions, according to… […]