FDA Bans Oridion Systems Ltd. Imports, Share Prices Dive 40%

Published: Jan 03, 2012

The FDA bars Israeli medical device company Oridion Systems Ltd. from importing any products into the U.S., sending its shares down nearly 40%. The FDA banned Oridion Systems Ltd. (PINK:ORDNF) from importing any medical devices into the U.S., after the Israeli med-tech maker failed to fix violations at its Jerusalem manufacturing facility. Shares of Oridion fell 39% on news of the ban, from $11.00 to $6.65 at market opening Dec. 27. Because of the federal watchdog agency's import restrictions, Oridion said it expects it will fall short of its 2011 revenue growth guidance, reaching only 17% instead of 20%.

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