SEC Subpoenas Biomet for Potential FCPA Violations (Compliance Week)
BioMet said in a filing with the Securities and Exchange Commission last week that the SEC issued the medical device maker a subpoena requiring that the company produce certain documents relating to possible violations of the Foreign Corrupt Practices Act.
BioMet said in a Form 8-K that it received a subpoena on July 2, 2014, from the SEC, seeking “certain documents” related to potential FCPA violations regarding its operations in Brazil and Mexico, which Biomet became aware of in October 2013.
Under the terms of a three-year deferred prosecution agreement reached with the Department of Justice in March 2012, Biomet disclosed these matters to the independent compliance monitor, as well as to the government. Under that DPA, Biomet was saddled with a compliance monitor for a period of 18 months.
Biomet said it has “retained counsel and other experts to investigate both matters.” Based on the results of the investigation, the company also “terminated, suspended, or otherwise disciplined” the employees and executives involved and took certain other remedial measures, the company stated.