Wright Medical targeted in SEC investigation
This article was originally published in The Gray Sheet
Executive Summary
Orthopedic firm is the latest to fall under the scrutiny of the Securities and Exchange Commission as the agency conducts an "informal" investigation into potential device industry violations of the Foreign Corrupt Practices Act. The act prohibits bribery of foreign public officials by U.S. companies. Wright was notified by letter June 10, and similar letters previously were received by Medtronic, Stryker, Zimmer, Biomet and Smith & Nephew (1"The Gray Sheet" Oct. 22, 2007, p. 10). "We intend to fully cooperate," Wright says in a same-day SEC filing. Separately, on June 3, AGA Medical settled criminal charges under the act related to payments it made to Chinese officials (2"The Gray Sheet" June 9, 2008, p. 15)