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 $400,000 to Healthcare Nonprofits at Annual IMPACT Awards
10. GlaxoSmithKline Donates Scientific Equipment to Advance IDRIs Global Health Mission
11. Duane Reade and Smith Electric Vehicles Partner to Bring All-Electric Delivery Vehicles to New Yorks Streets
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:4/20/2017)... Mass. , April 20, 2017  RXi ... developing innovative therapeutics that address significant unmet medical ... data from the Company,s consumer product development program, ... at the Society for Investigative Dermatology (SID) 76 ... to advance and promote the sciences relevant to ...
(Date:4/20/2017)... Research and Markets has announced the addition of the ... Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2014 ... ... US$ 7,167.6 Mn in 2015, and is expected to reach ... 5.6% from 2016 to 2024. The global ...
(Date:4/19/2017)... 2017 Cardiology devices segment is anticipated to reach ... The Cardiology Devices segment is likely to create absolute $ ... 2018 over 2017. By the end of 2027, Cardiology Devices ... US$ 700 Mn, expanding at a CAGR of 18.4% over ... Asia Pacific reprocessed medical devices market in ...
Breaking Medicine Technology:
(Date:4/28/2017)... CITY, UTAH (PRWEB) , ... April 28, 2017 ... ... as Account Manager for the North East region. Côté has 20+ years of ... consulting. Prior to Phytomer, Côté worked with an array of high-end cosmetic brands, ...
(Date:4/28/2017)... , ... April 28, 2017 , ... ... and advanced nutraceutical supplements, through its Nova Skin Sciences division, recently announced ... benefits of a moisturizer with the power of an anti-aging concentrate. ...
(Date:4/28/2017)... ... 28, 2017 , ... Rob Lowe is a popular actor that has been ... to an educational purpose as the host of the “Informed” series. The program focuses ... recent episode, the series focuses on thyroid cancer. , Although thyroid cancer is an ...
(Date:4/28/2017)... ... 2017 , ... Christie Medical Holdings, Inc. , with its market-leading ... Medical Inc. , a leader in infusion therapy and pain management. , Intravenous ... percent of hospital patients receiving a peripheral IV catheter as part of their treatment ...
(Date:4/27/2017)... ... April 27, 2017 , ... The Incentive ... and Recognition: A Nudge Guide," a groundbreaking analysis of how behavioral economics can ... to apply immediately to IRR programs, the report highlights proven behavioral economics approaches ...
Breaking Medicine News(10 mins):