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Foreign Corrupt Practices Act

Orthofix’s foreign corruption woes: Here’s what you can learn

March 6, 2017 By Chris Newmarker

Marc Alain Bohn, Miller & Chevalier Orthofix International in January entered into its second Foreign Corrupt Practices Act (FCPA) settlement in less than 5 years, resolving allegations with the U.S. Securities and Exchange Commission that the company’s Brazilian subsidiary made improper payments to doctors at government-owned hospitals in Brazil to increase sales. Orthofix consented to the entry […]

Filed Under: Business/Financial News, Legal News Tagged With: FCPA, Foreign Corrupt Practices Act, MedTech, Miller & Chevalier, Orthofix

Medical device enforcement is getting more serious—particularly in Northeast

February 21, 2017 By Chris Newmarker

There has been aggressive momentum on the side of federal medical device anti-corruption enforcers, in particular in the Northeast. Maureen Ruane and Scott McBride, Lowenstein Sandler There are more questions than answers on what a new and unconventional administration in the White House will do in 2017 in many areas, no less so in medical […]

Filed Under: Legal News, Regulatory/Compliance Tagged With: Anti- Kickback Statute, Foreign Corrupt Practices Act, Lowenstein Sandler, MedTech, U.S. Justice Dept. (DOJ)

Former Bio-Rad GC Wadler wins $11m in retaliatory firing suit

February 7, 2017 By Brad Perriello

A federal jury in California yesterday reportedly awarded the former general counsel for Bio-Rad Laboratories (NYSE:BIO), Sanford Wadler, nearly $11 million in a whistleblower retaliation lawsuit Wadler brought against his former employer. After a 3-hour deliberation, the jury in the U.S. District Court for Northern California awarded Sadler $2.9 million in back pay and stocks […]

Filed Under: Legal News, Wall Street Beat Tagged With: Foreign Corrupt Practices Act, Personnel Moves

BK Medical gets $15m from Analogic over SEC charges

June 21, 2016 By Brad Perriello

The U.S. Securities & Exchange Commission said today that Analogic (NSDQ:ALOG) agreed to pony up $15 million to settle civil and criminal charges brought over violations of the Foreign Corrupt Practices Act. The SEC said Peabody, Mass.-based Analogic’s Danish subsidiary, BK Medical, ran hundreds of sham transactions with distributors to funnel some $20 million to 3rd parties, […]

Filed Under: Legal News, Wall Street Beat Tagged With: Analogic, BK Medical, Foreign Corrupt Practices Act, Securities & Exchange Commission (SEC), U.S. Justice Dept. (DOJ)

Alere slides on Justice Dept. subpoena, late filing

March 15, 2016 By Brad Perriello

Alere (NYSE:ALR) shares took a hit today after revealing a U.S. Justice Dept. subpoena for documents on its sales practices in Africa, Asia and Latin America under the Foreign Corrupt Practices Act, as it prepared for its nearly $6 billion acquisition by Abbott (NYSE:ABT). The March 11 subpoena asks for documents on Alere’s dealings with 3rd-party distributors and […]

Filed Under: Diagnostics, Mergers & Acquisitions, Wall Street Beat Tagged With: Abbott, Alere, Foreign Corrupt Practices Act, U.S. Justice Dept. (DOJ)

Ex-GC sues Bio-Rad, alleging retaliation for blowing the whistle

December 16, 2015 By Brad Perriello

The former general counsel for Bio-Rad (NYSE:BIO) accused the company and CEO Norman Schwartz of firing him in retaliation for blowing the whistle on alleged violations of the Foreign Corrupt Practices Act in China. Sanford Wadler, who was general counsel and executive vice president when Bio-Rad sacked him in June 2013, alleged that he was fired right before […]

Filed Under: Legal News Tagged With: Bio-Rad, Foreign Corrupt Practices Act

Feds extend Biomet’s deferred prosecution deal for another year

March 18, 2015 By Brad Perriello Leave a Comment

Feds extend Biomet's deferred prosecution deal for another year

Biomet said yesterday that the U.S. Justice Dept. extended by a year the deferred prosecution agreement reached in 2012 over alleged violations of the Foreign Corrupt Practices Act.

Filed Under: Legal News, News Well, Orthopedics Tagged With: Biomet, Foreign Corrupt Practices Act, Securities & Exchange Commission (SEC), U.S. Justice Dept. (DOJ)

Indian media accuse Medtronic, Abbott, J&J of price-hikes, bribery

September 16, 2014 By Arezu Sarvestani

India's news cries price hiking, bribery for Medtronic, Abbott, J&J stents

Some of medtech’s biggest players are getting a beating in the Indian media, where reports this week accused them of turning a blind eye to unethical behavior from their distributors in the country.

Filed Under: Drug-Eluting Stents, Emerging Markets, News Well Tagged With: Abbott, Foreign Corrupt Practices Act, Johnson and Johnson

SEC levels FCPA charges against Stryker

October 24, 2013 By Brad Perriello Leave a Comment

SEC levels FCPA charges against Stryker

Stryker (NYSE:SYK) will pay $13.2 million to settle charges by the U.S. Securities & Exchange Commission that it broke the Foreign Corrupt Practices Act in 5 countries, the SEC said today.

Filed Under: Legal News, News Well Tagged With: Foreign Corrupt Practices Act, Securities & Exchange Commission (SEC), Stryker

Zimmer: Justice Dept.-SEC probe is over

March 1, 2013 By Brad Perriello Leave a Comment

Zimmer Holdings

A federal probe into possible violations of the Foreign Corrupt Practices Act by Zimmer (NYSE:ZMH) is over, with both the SEC and the U.S. Justice Dept. telling the medical device company that they’re closing the investigation.

Filed Under: Legal News, News Well, Orthopedics Tagged With: Foreign Corrupt Practices Act, Securities & Exchange Commission (SEC), U.S. Justice Dept. (DOJ), Zimmer Biomet

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