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Orthofix braces for SEC settlement in FCPA case

Jaclyn Jaeger | August 16, 2016

Orthofix International, a maker of orthopedic products, announced in a recent Form 10-Q with the Securities and Exchange Commission that it has recorded a charge of $4.6 million in the second quarter of 2016 to resolve potential FCPA charges with respect to its subsidiary in Brazil.

In 2012, Orthofix entered into definitive agreements with the Department of Justice and the SEC agreeing to settle a self-initiated and self-reported internal investigation of its Mexican subsidiary, Promeca, regarding non-compliance by Promeca with the FCPA. As part of the settlement, Orthofix entered into a three-year deferred prosecution agreement with the Department of Justice and a consent to final judgment with the SEC. Under the DPA, the Department of Justice agreed not to pursue any criminal charges against us in connection with the Promeca matter if Orthofix complied with the terms of the DPA.

In August 2013, during the terms of the DPA and consent, the company’s internal legal... To get the full story, subscribe now.