• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Advertise
  • Subscribe

MassDevice

The Medical Device Business Journal — Medical Device News & Articles | MassDevice

  • Latest News
  • Technologies
    • Artificial Intelligence (AI)
    • Cardiovascular
    • Orthopedics
    • Neurological
    • Diabetes
    • Surgical Robotics
  • Business & Finance
    • Wall Street Beat
    • Earnings Reports
    • Funding Roundup
    • Mergers & Acquisitions
    • Initial Public Offering (IPO)
    • Legal News
    • Personnel Moves
    • Medtech 100 Stock Index
  • Regulatory & Compliance
    • Food & Drug Administration (FDA)
    • Recalls
    • 510(k)
    • Pre-Market Approval (PMA)
    • MDSAP
    • Clinical Trials
  • Special Content
    • Special Reports
    • In-Depth Coverage
    • DeviceTalks
  • Podcasts
    • MassDevice Fast Five
    • DeviceTalks Weekly
    • OEM Talks
      • AbbottTalks
      • Boston ScientificTalks
      • DeviceTalks AI
      • IntuitiveTalks
      • MedtechWOMEN Talks
      • MedtronicTalks
      • Neuro Innovation Talks
      • Ortho Innovation Talks
      • Structural Heart Talks
      • StrykerTalks
  • Resources
    • About MassDevice
    • DeviceTalks
    • Newsletter Signup
    • Leadership in Medtech
    • Manufacturers & Suppliers Search
    • MedTech100 Index
    • Videos
    • Webinars
    • Whitepapers
    • Voices
Home » Stryker offers Justice Dept. $33M to end knee devices probe

Stryker offers Justice Dept. $33M to end knee devices probe

June 6, 2012 By MassDevice staff

Stryker logo

Michigan-based orthopedics giant Stryker (NYSE:SYK) offered the U.S. Justice Dept. a $33 million settlement to close the books on a federal investigation of its OtisKnee implants.

The DOJ has yet to evaluate the offer and Stryker noted in regulatory filings that "there can be no assurance that we will reach a consensual resolution, when such a resolution would occur, or what the final terms of any such resolution may be."

Stryker first revealed the probe in its 3rd quarter 2010 earnings release, saying it received a subpoena on "regulatory matters related to the OtisKnee device." No other information was given, but the subpoena "pertains to alleged issues prior to OtisMed acquisition," Piper Jaffray analysts wrote at the time.

Now Stryker says the subpoena " related to the sales and marketing of the OtisKnee device," according to regulatory documents filed yesterday.

"The subpoena concerns allegations of violations of federal laws related to sales of a device not cleared by the U.S. FDA," according to the filing. "We recently entered into discussion with the DOJ regarding the potential settlement of this matter, and on May 31, 2012, we offered $33 million to the DOJ," according to the filing. "During the second quarter of 2012 we will record a non-tax deductible charge of $33 million representing our best estimate of the minimum of the range of probable loss to resolve this matter."

Stryker acquired OtisKnee custom-fitting knee implant technology maker OtisMed Corp. in 2009. The company did not respond to requests for comment yesterday.

Filed Under: Legal News, News Well Tagged With: Knees, Stryker, U.S. Justice Dept. (DOJ)

More recent news

  • Medtronic Diabetes names CFO with consumer experience ahead of separation
  • Preceptis Medical has a new CEO as it advances ear tube tech
  • FDA clears first over-the-counter cuffless blood pressure monitor
  • Mendaera wins FDA clearance for robotic needle placement
  • Johnson & Johnson seeks to have $442 million antitrust verdict tossed out

Primary Sidebar

“md
EXPAND YOUR KNOWLEDGE AND STAY CONNECTED
Get the latest med device regulatory, business and technology news.

DeviceTalks Weekly

See More >

MEDTECH 100 Stock INDEX

Medtech 100 logo
Market Summary > Current Price
The MedTech 100 is a financial index calculated using the BIG100 companies covered in Medical Design and Outsourcing.
MDO ad

Footer

MASSDEVICE MEDICAL NETWORK

DeviceTalks
Drug Delivery Business News
Medical Design & Outsourcing
Medical Tubing + Extrusion
Drug Discovery & Development
Pharmaceutical Processing World
MedTech 100 Index
R&D World
Medical Design Sourcing

DeviceTalks Webinars, Podcasts, & Discussions

Attend our Monthly Webinars
Listen to our Weekly Podcasts
Join our DeviceTalks Tuesdays Discussion

MASSDEVICE

Subscribe to MassDevice E-Newsletter
Advertise with us
About
Contact us

Copyright © 2025 · WTWH Media LLC and its licensors. All rights reserved.
The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media.

Privacy Policy