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Biomet Inc. (BMET) Announces Resolution to FCPA Investigation


3/26/2012 9:30:34 AM

WARSAW, Ind.--(BUSINESS WIRE)--Biomet, Inc. announced today that it has entered into a Deferred Prosecution Agreement (DPA) with the U.S. Department of Justice (DOJ) and a Consent to Final Judgment (Consent Agreement) with the U.S. Securities and Exchange Commission (SEC) related to publicly disclosed Foreign Corrupt Practices Act (FCPA) investigations by the DOJ and the SEC. Through the DPA, the DOJ agrees not to prosecute the Company in connection with this matter, provided that the Company satisfies its obligations under the agreement over the next three years. The DPA calls for the appointment of an independent external compliance monitor to review the Company’s compliance with the DPA, particularly in relation to the Company’s international sales practices, for at least the first 18 months of the three year term of the DPA. The Company has also agreed to pay a monetary penalty of $17,280,000 to resolve the charges brought by the United States Department of Justice. The terms of the DPA and the associated monetary penalty reflect the Company’s full cooperation throughout the investigation.

Read at BioSpace.com


   

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