Defendant Name:
Biomet Inc.
Defendant Type:
Public Company
SIC Code:
3842
CUSIP:
09061310
Document Reference:
comp22306
Document Details
Legal Case Name
SEC v. Biomet, Inc.
Document Name
Complaint
Document Date
26-Mar-2012
Document Format
Civil Proceeding
Case Number
12-cv-00454
Federal District Court
District of Columbia, District of Columbia
Federal District Judge
Rosemary M. Collyer
Allegation Type
Foreign Corrupt Practices Act
Document Summary
On March 26, 2012, the SEC filed a complaint that charged Biomet, Inc. with violating the Foreign Corrupt Practices Act, alleging the company's "subsidiaries and agents bribed public doctors in Argentina, Brazil, and China" from 2000 to August 2008. The SEC alleged that "Biomet's compliance and internal audit functions failed to stop the payments to doctors even after learning about the illegal practices."
Related Documents:
SEC Charges Medical Device Company Biomet with Foreign Bribery
On March 26, 2012, the SEC announced that Biomet consented to a court order requiring the payment of disgorgement and prejudgment interest. Biomet also agreed to retain an independent compliance consultant for 18 months.
2012-50
26-Mar-2012
Press Release--Civil Action
SEC Charges Medical Device Company Biomet with Foreign Bribery
On March 26, 2012, the SEC announced that it filed a complaint in federal court in Washington D.C. against Warsaw, Indiana-based medical device company Biomet Inc. ("Biomet") charging the company with violations of the Foreign Corrupt Practices Act ("FCPA") when its subsidiaries and agents bribed public doctors in Argentina, Brazil, and China for nearly a decade to win business. Biomet consented to the entry of a court order requiring payment of $4,432,998 in disgorgement and $1,142,733 in prejudgment interest. Biomet is also ordered to retain an independent compliance consultant for 18 months to review its FCPA compliance program and is permanently enjoined from future violations of Sections 30A, 13(b)(2)(A), and 13(b)(2)(B) of the Securities Exchange Act of 1934. Further, Biomet agreed to pay a $17.28 million fine to settle the criminal charges.
Final Judgment as to Defendant Biomet, Inc.
On March 27, 2012, Federal District Judge Rosemary M. Collyer entered final judgment against Biomet Inc. pursuant to the consent of Biomet Inc.
Amended Final Judgment as to Defendant Biomet, Inc.
On July 16, 2015, Federal District Judge Rosemary M. Collier entered an amended final judgment order against Biomet Inc. pursuant to the consent of Biomet Inc. The amended final judgment incorporated the Second Consent between Biomet Inc. and the SEC.
