Defendant Name: Biomet Inc.

Defendant Type: Public Company

Document Reference: 2012-50

Document Details

Legal Case Name SEC v. Biomet, Inc.
Document Name SEC Charges Medical Device Company Biomet with Foreign Bribery
Document Date 26-Mar-2012
Document Format Civil Proceeding
Case Number 12-cv-00454
Allegation Type Foreign Corrupt Practices Act
Document Summary 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.

Disgorgement & Penalty Information

Resolutions
Enjoinment
Compliance Related Independent Consultant
Various Undertakings
Monetary Penalties:

Disgorgement

Individual:     $4,432,998.00 Shared:    

Pre-Judgment Interest

Individual:     $1,142,733.00 Shared:    

Related Documents:

comp22306 26-Mar-2012 Complaint
Complaint
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."
LR-22306 26-Mar-2012 Litigation Release
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.
court_doc2_12-cv-00454 27-Mar-2012 Court Docket Document
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.
court_doc5_12-cv-00454 16-Jul-2015 Court Docket Document
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.