Biomet ensnared in corruption probe

October 11, 2007
Biomet Inc. disclosed this afternoon that it is being investigated as part of an inquiry by federal securities regulators into possible violations of the Foreign Corrupt Practices Act.

The Warsaw-based maker of orthopedics products, which recently was acquired by a group of private equity firms for nearly $11 billion, provided few details.

It said the investigation involves the sale of medical devices in multiple countries by companies in its industry. Biomet said it is cooperating fully.

Biomet and three other orthopedics firms last month paid $311 million to settle civil and criminal investigations into whether they paid kickbacks to surgeons to use their products. Biomet's share of the settlement was $26.9 million

Source: XMLFULL/XMLFull5747.xml

Recent Articles by IBJ Staff

Comments powered by Disqus