1/14/2013 8:29:07 AM
ArthroCare president & CEO David Fitzgerald updates on a U.S. Justice Dept. investigation into the company's spine product sales and a False Claims Act investigation that has just come to light. ArthroCare (NSDQ:ARTC) president & CEO David Fitzgerald provided highlights on the company's ongoing beef with federal investigators, telling an audience at the J.P. Morgan healthcare conference in San Francisco this week that at least 1 of the pair of remaining legacy issues may be closing soon. The Texas-based surgical devices maker has had a spate of legal troubles in recent years, including an SEC investigation that closed in February 2011 and a derivatives matter that closed in December 2011, Fitzgerald told meeting attendees. The company has yet to close the books on a U.S. Justice Dept. investigation into ArthroCare's sales & marketing pertaining to its spinal business, and is in the early stages of a False Claims Act investigation, he said.
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