Warsaw, Ind.-based Zimmer Holdings received letters of declination from the U.S. Department of Justice and Securities Exchange Commission, ending a five-year investigation into its marketing and sales practices outside of the country, according to Inside Medical Devices. In 2007 the enforcement agencies began investigating five major device companies for violations of the Foreign Corrupt Practices Act, and Zimmer's notice is the first publicly reported case closure, according to the report.
Zimmer was first contacted by the SEC in September 2007, followed closely by the DOJ in November 2007. In 2011, the SEC subpoenaed Zimmer for documents and sales records from the Asia Pacific region, according to the report.
Enforcement agencies recovered more than $130 million from medical device and pharmaceutical companies in connection to FCPA violations, including device makers Smith & Nephew, Biomet and Orthofix.
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Zimmer was first contacted by the SEC in September 2007, followed closely by the DOJ in November 2007. In 2011, the SEC subpoenaed Zimmer for documents and sales records from the Asia Pacific region, according to the report.
Enforcement agencies recovered more than $130 million from medical device and pharmaceutical companies in connection to FCPA violations, including device makers Smith & Nephew, Biomet and Orthofix.
More Articles on Devices:
7 New Orthopedic Device Launches & Releases
Zimmer Releases Total Ankle Replacement Device
Amedica Valeo Interbody Fusion Device Hits 10k Implantations