Symmetry Medical Resolves SEC Investigation (press release)
Symmetry Medical Inc., a leading global source of innovative medical device solutions, including surgical instruments, orthopedic implants, and sterilization cases and trays, today announced that it reached a settlement concluding an investigation resulting from the previously-reported informal inquiry that has been conducted by the U.S. Securities and Exchange Commission ("SEC"). In 2007 the SEC initiated the investigation related to matters arising from the discovery of certain accounting irregularities at the Company's Sheffield, UK operating unit in which certain former employees of that unit colluded to falsify records. The Company discovered the irregularities in 2007 and the Company's Audit Committee self-reported the matter to the SEC at that time. The Company has fully cooperated with the SEC's inquiry throughout the process. There are no allegations of any issues related to the Company's financial reporting since 2007.
Under the settlement reached today, the Company consented to an administrative cease-and-desist order to comply with relevant provisions of the securities laws. There is no fraud charge a...
