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 Medical Group, Inc. Reaches Agreements with U.S. Attorney’s Office and OIG (EON)ARLINGTON, Tenn.--(EON: Enhanced Online News)--Wright Medical Group, Inc. (NASDAQ: WMGI), a global orthopaedic medical device company and a leading provider of surgical solutions for the foot and ankle market, today announced that its wholly-owned subsidiary, Wright Medical Technology, Inc. (WMT), has reached agreements with the United States Attorney's Office for the District of New Jersey (USAO) and the Office of the Inspector General, U.S. Department of Health and Human Services (OIG) in connection with the previousl...
