Navigation Links
Johnson & Johnson Announces Settlement With U.S. Department of Justice and U.S. Securities and Exchange Commission
Date:4/8/2011

NEW BRUNSWICK, N.J., April 8, 2011 /PRNewswire-FirstCall/ -- Johnson & Johnson (NYSE: JNJ) announced today it will pay $70,006,316 in fines, disgorgement and interest, an amount previously reserved for, in a settlement related to publicly disclosed Foreign Corrupt Practices Act (FCPA) investigations by the U.S. Department of Justice (DOJ) and the U.S. Securities and Exchange Commission (SEC). The Company hopes to reach a settlement of a related investigation by the U.K. Serious Fraud Office (SFO) in several days.  

In 2007, Johnson & Johnson voluntarily disclosed to the DOJ and the SEC that subsidiaries outside the United States were believed to have made improper payments in connection with the sale of medical devices.  In the course of comprehensive compliance efforts and reports into the Company, similar issues in additional markets and businesses were identified and brought to the attention of the agencies.

As part of the settlement, Johnson & Johnson has entered into a Deferred Prosecution Agreement (DPA) with the DOJ and a Consent to Final Judgment with the SEC. These agreements reflect the recognition by DOJ and SEC of Johnson & Johnson's voluntary disclosures and subsequent cooperation, as well as the company's compliance efforts over the past four years.  If the company completes three years of enhanced FCPA compliance undertakings and reporting to the DOJ and the SEC, the charges filed by the DOJ against a subsidiary company will be dismissed.  

"More than four years ago, we went to the government to report improper payments and have taken full responsibility for these actions," said William C. Weldon, Chairman and Chief Executive Officer.  "We are deeply disappointed by the unacceptable conduct that led to these violations.  We have undertaken significant changes since then to improve our compliance efforts, and we are committed to doing everything we can to ensure this does not occur again."

Today's settlement also resolves an investigation of Johnson & Johnson subsidiary companies in the United Nations Oil for Food Program, which was not disclosed by the Company to the DOJ and SEC.  A U.N.-commissioned report related to the Oil for Food Program alleged that more than 2,000 companies worldwide acquiesced to the Iraqi government's demands between 2001 and 2003 that they pay a ten percent fee as a condition of importing humanitarian goods into the country.  

Mr. Weldon added, "I know that these actions are not representative of Johnson & Johnson employees around the world who do what is honest and right every day, in the conduct of our business and in service to patients and customers worldwide.  We will continue to demonstrate that Johnson & Johnson is a company that embraces responsible corporate behavior."

(This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995.  These statements are based on current expectations of future events.  If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could vary materially from Johnson & Johnson's expectations and projections.  Risks and uncertainties include general industry conditions and competition; economic conditions, such as interest rate and currency exchange rate fluctuations; technological advances and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approvals; domestic and foreign health care reforms and governmental laws and regulations; and trends toward health care cost containment.  A further list and description of these risks, uncertainties and other factors can be found in Exhibit 99 of Johnson & Johnson's Annual Report on Form 10-K for the fiscal year ended January 2, 2011.  Copies of this Form 10-K, as well as subsequent filings, are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson.  Johnson & Johnson does not undertake to update any forward-looking statements as a result of new information or future events or developments.)


'/>"/>
SOURCE Johnson & Johnson
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Woman Files Suit in Beaumont, Texas Federal Court Against DePuy Orthopaedics and Johnson & Johnson Over Recalled Hip Device
2. Woman Files Suit in Federal Court Against DePuy Orthopaedics, Inc.,/Johnson & Johnson Over Recalled Hip Device
3. Johnson & Johnson Acquires 98.89% of Issued Crucell Shares as of the End of the Subsequent Offering Period and Crucell Intends to Delist Crucell Ordinary Shares and ADSs
4. Johnson & Johnson to Participate in 2011 Citi Global Health Care Conference
5. Johnson & Johnson Completes Tender Offer for Crucell and Declares Offer Unconditional
6. Crucell Shareholders Adopt Offer Governance Resolutions and Johnson & Johnson Makes Announcement on U.S. Regulatory Matters
7. Johnson & Johnson Recall of DePuy Hip Devices: Lewitt Hackman Files Suit
8. Johnson & Johnson Receives Approval from European Commission
9. Savient Pharmaceuticals Names John H. Johnson Chief Executive Officer
10. Johnson & Johnson Reports 2010 Fourth-Quarter and Full-Year Results
11. Johnson & Johnson Provides Update on McNeil Consumer Healthcare Remediation; Announces Completion of Internal Assessment Phase of Comprehensive Action Plan
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/23/2016)... FRANKLIN, Tenn. , June 23, 2016 ... for automating, integrating and transforming the patient ... launch of several innovative new products and ... depth of its revenue cycle offerings. These ... establish more efficient workflows, remain compliant in ...
(Date:6/23/2016)... , June 23, 2016 Leading ... that address medical conditions resulting from a breakdown ... has appointed Greg Doyle as chief ... Leading BioSciences, executive management team and board of ... chief financial officer. He will provide continued leadership ...
(Date:6/23/2016)... -- On Wednesday, June 22, 2016, the NASDAQ ... Dow Jones Industrial Average edged 0.27% lower to finish at ... Stock-Callers.com has initiated coverage on the following equities: Alkermes PLC ... AMAG ), IDEXX Laboratories Inc. (NASDAQ: IDXX ... Learn more about these stocks by accessing their free trade ...
Breaking Medicine Technology:
(Date:6/24/2016)... (PRWEB) , ... June 24, 2016 , ... ... for human induced pluripotent stem (iPS) cells and other difficult to transfect cells, ... Cloning Medium. The PluriQ™ G9™ Gene Editing System is a complete ...
(Date:6/24/2016)... ... June 24, 2016 , ... To ... infrastructure. Most providers, however, are unsure how to move forward, given the need ... define a path forward tailored to an organization’s specific needs. , PYA Principal ...
(Date:6/24/2016)... (PRWEB) , ... June 24, 2016 , ... SpiritQuest Sedona ... heart of West Sedona, surrounded by famous vortex sites: Cathedral Rock, Airport Mesa, and ... partner properties – the Lodge at Sedona as well as the Sedona Rouge, both ...
(Date:6/23/2016)... (PRWEB) , ... June 23, 2016 , ... An ... may expose a possible link between head and neck cancer in individuals with unhealthy ... the study were evaluated based on whether they had gum disease, brushed their teeth ...
(Date:6/23/2016)... ... 23, 2016 , ... SyncDog, Inc. , the leading ... is featured in the current issue of Silicon Review magazine. Silicon ... technology solutions and features them in their magazine. The magazine allows top-level executives ...
Breaking Medicine News(10 mins):