Navigation Links
Smith & Nephew Reaches Settlement With US Government
Date:2/6/2012

LONDON, Feb. 6, 2012 /PRNewswire/ -- Smith & Nephew plc (LSE: SN, NYSE: SNN), the global medical technology business, announces that it and its U.S. subsidiary, Smith & Nephew, Inc., have reached settlements with the U.S. Securities and Exchange Commission (SEC) and U.S. Department of Justice (DOJ) in connection with their Foreign Corrupt Practices Act investigation of the medical device industry. Smith & Nephew has committed to pay $22,226,799 in fines and profit disgorgement, maintain an enhanced compliance programme, and appoint an independent monitor for at least 18 months to review and report on its compliance programme. The Group provided for this payment in its earnings for the fourth quarter of 2011.

Smith & Nephew and other medical device companies were asked by the SEC and DOJ in late 2007 to look into possible improper payments to government-employed doctors and voluntarily report any issues. Smith & Nephew found and reported evidence of improper payments by a distributor in Greece that had been appointed by Smith & Nephew subsidiaries and was terminated in 2008. The individuals implicated are no longer associated with the Group.

"We have what I believe to be a world-class compliance programme, having enhanced it significantly since this investigation began in 2007," commented Olivier Bohuon, Chief Executive Officer of Smith & Nephew.  "These legacy issues do not reflect Smith & Nephew today. But they underscore that we must remain vigilant every place we do business and let nothing compromise our commitment to integrity."


About Smith & Nephew

Smith & Nephew is a global medical technology business dedicated to helping improve people's lives.  With leadership positions in Orthopaedic Reconstruction, Advanced Wound Management, Sports Medicine, Trauma and Clinical Therapies, Smith & Nephew has almost 11,000 employees and a presence in more than 90 countries. Annual sales in 2011 were nearly $4.3 billion.  Smith & Nephew is a member of the FTSE100 (LSE: SN, NYSE: SNN).

Forward-looking Statements

This document may contain forward-looking statements that may or may not prove accurate. For example, statements regarding expected revenue growth and trading margins, market trends and our product pipeline are forward-looking statements. Phrases such as "aim", "plan", "intend", "anticipate", "well-placed", "believe", "estimate", "expect", "target", "consider" and similar expressions are generally intended to identify forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from what is expressed or implied by the statements. For Smith & Nephew, these factors include: economic and financial conditions in the markets we serve, especially those affecting health care providers, payors and customers; price levels for established and innovative medical devices; developments in medical technology; regulatory approvals, reimbursement decisions or other government actions; product defects or recalls; litigation relating to patent or other claims; legal compliance risks and related investigative, remedial or enforcement actions; strategic actions, including acquisitions and dispositions, our success in integrating acquired businesses, and disruption that may result from changes we make in our business plans or organisation to adapt to market developments; and numerous other matters that affect us or our markets, including those of a political, economic, business or competitive nature. Please refer to the documents that Smith & Nephew has filed with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934, as amended, including Smith & Nephew's most recent annual report on Form 20-F, for a discussion of certain of these factors.

Any forward-looking statement is based on information available to Smith & Nephew as of the date of the statement. All written or oral forward-looking statements attributable to Smith & Nephew are qualified by this caution. Smith & Nephew does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances or in Smith & Nephew's expectations.


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

Related medicine technology :

1. SpineSmith Adds Talented Scientist to Research and Development Team
2. Upsher-Smith Presents Updated Extended-Release Topiramate Data (USL255) at AES Meeting
3. H. D. Smith and Adventist Health System Sign Prime Vendor Agreement
4. ThermalTherapeutic Systems, Inc. Names Gardiner F. H. Smith, President and Chief Executive Officer
5. Signum Biosciences, Inc. Announces Collaborative Agreement with GlaxoSmithKline
6. Physicians Who Treat Obesity Respond to the News of Bubba Smiths Overdose
7. Smithsonian Uses Siemens CT Scanner to Unlock Secrets of the Past
8. Life Technologies Signs Agreement with GlaxoSmithKline Biologicals S.A., Seeking Expanded Use of Platform Technologies into Companion Diagnostics
9. GlaxoSmithKline to Grant $400,000 to Healthcare Nonprofits at Annual IMPACT Awards
10. GlaxoSmithKline Donates Scientific Equipment to Advance IDRIs Global Health Mission
11. Duane Reade and Smith Electric Vehicles Partner to Bring All-Electric Delivery Vehicles to New Yorks Streets
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/27/2016)... -- According to the 2016 report, a ... blood pressure monitoring system market growth. With aging, the ... respond to different pressure rates, leading to hypertension or ... cardiovascular disorders such as heart failure, stroke, coronary artery ... in prevalence each year. WHO estimates that 17 million ...
(Date:5/26/2016)... , May 26, 2016 According ... "Medical Waste Management Market - U.S. Industry Analysis, Size, Share, ... management market in the U.S. was valued at US$ 5.89 ... CAGR of 3.4% from 2015 to 2023 to reach US$ ... analysis of current and emerging needle free drug delivery devices ...
(Date:5/25/2016)... -- FDA 510(k) clearance covers Confocal ... urological and surgical applications Mauna Kea ... the multidisciplinary confocal laser endomicroscopy (CLE) platform, today ... with the 12 th 510(k) clearance from ... new FDA clearance covers Confocal Miniprobes indicated for ...
Breaking Medicine Technology:
(Date:5/27/2016)... ... ... Aimed at nurses and employees in the health care world, this installment ... nursing and health care industry. It also provides insight to the developing trends and ... As the nursing industry is coming out of one of the biggest recessions in ...
(Date:5/27/2016)... ... May 27, 2016 , ... With ... pharmaceutical, medical and food industries. Aside from its GMP accreditation, Validation Center is ... of successfully certified products, services and staff. , Validation Center is ISO17025 accredited ...
(Date:5/26/2016)... ... May 26, 2016 , ... There are many ways to cook a ... (NHDSC) suggests that Americans prefer their dogs straight off the grill. Of the 90 ... their favorite way to cook a hot dog, far outpacing other cooking methods such ...
(Date:5/26/2016)... ... 26, 2016 , ... Cabot Corporation, Pfizer, and 3M are ... court documents and SEC filings. A jury has returned a verdict of ... Corporation, Case No. BC588866, Los Angeles County, California. The jury awarded $22.8 million ...
(Date:5/26/2016)... ... 26, 2016 , ... Georgia State University College of Law ... , Answering to the increasing demand for curricular specializations, the Certificate in Intellectual ... and land use law. ,  , “The demand for lawyers with specific knowledge ...
Breaking Medicine News(10 mins):