The Securities and Exchange Commission today announced a settlement with Smith & Nephew PLC to resolve SEC charges that the global medical device company violated the Foreign Corrupt Practices Act (FCPA) when its subsidiaries
for more than a decade. Smith & Nephew PLC, headquartered in London, England, is a global medical device company with operations around the world.
Smith &Nephew PLC has consented, without admitting or denying the SEC’s allegations, to the entry of a court order permanently enjoining it from future violations of Sections 30A, 13(b)(2)(A), and 13(b)(2)(B) of the Securities Exchange Act of 1934; ordering it to pay $4,028,000 in disgorgement and $1,398,799 in prejudgment interest; and ordering it to retain an independent compliance monitor for a period of eighteen months to review its FCPA compliance program.
The SEC acknowledges the assistance of the U.S. Department of Justice, Fraud Section and the Federal Bureau of Investigation. The SEC’s investigation into the medical device industry is continuing.
Smith & Nephew PLC: Lit. Rel. No. 22252 / January 6, 2012
viaSmith & Nephew PLC: Lit. Rel. No. 22252 / January 6, 2012.