Wright Medical restructures and announces DOJ monitoring extension

 
 
Wright Medical Group, Inc. Reaches Agreements with U.S. Attorney’s Office and OIG (EON)
Wright Medical Group plans to cut 80 workers (Huffington Post)

6% of workforce cut across all functions (30-40 in Memphis, 60-70 in ROW)
European operations are scaled back to basic sales and distribution
Restructuring will cost $25M - $30M
DOJ monitoring will be extended for another year (until Sept 2012)
As a result of the monitoring extention, the USAO agreed not to take any additional action at this time
 Corporate Integrity Agreement (CIA) will stay in place until Sept 2015

Wright Medi...