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.