The Securities and Exchange Commission informed medical device company Misonix that it has concluded its investigation and does not intend to bring an enforcement action regarding potential violations of the Foreign Corrupt Practices Act.
The SEC sent Misonix a letter with regard to the ruling on June 18. As previously disclosed, with the assistance of outside counsel, Misonix said it conducted a voluntary investigation into the business practices of the independent Chinese entity that previously distributed its products in China and Misonix’s knowledge of those business practices concerning potential FCPA violations, as well as potential internal controls issues identified during the investigation.
In September 2016, Misonix voluntarily contacted the SEC and the Department of Justice to advise both agencies of these potential issues.
“We are pleased the SEC has concluded its investigation without recommending any enforcement action,” said Misonix President and Chief Executive Officer Stavros Vizirgianakis in a statement. “Looking ahead, we remain focused on executing on our long-range strategic growth plan with the goal of creating added shareholder value and will continue to seek to operate at the highest levels of ethics, transparency and compliance while maintaining our overarching commitment to improving patient outcomes.”