Defendant Name:
Biomet Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Zimmer Biomet Holdings, Inc.
SIC Code:
3842
CUSIP:
98956P10
Document Reference:
34-79780
Document Details
Legal Case Name
In the Matter of Biomet, Inc.
Document Name
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and- Desist Order
Document Date
12-Jan-2017
Document Format
Administrative Proceeding
AAER
3843
Allegation Type
Foreign Corrupt Practices Act
Document Summary
On January 12, 2017, the SEC instituted a settled proceeding against Biomet, Inc. According to the SEC: "These proceedings arise from violations of the Foreign Corrupt Practices Act of 1977 (the "FCPA") [15 U.S.C. 78dd] by Respondent Biomet, Inc., a global medical device
company with operations around the world [...] Biomet failed to appropriately record the transactions in Mexico and Brazil in its books and records. Biomet also failed to devise and maintain a sufficient system of internal accounting controls."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Compliance Related Independent Consultant
Other Compliance Related Undertaking
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Disgorgement
Individual:
$5,820,100.00
Shared:
Civil Penalty
Individual:
$6,500,000.00
Shared:
Pre-Judgment Interest
Individual:
$702,705.00
Shared:
Total Penalty
Individual:
$13,022,805.00
Shared:
