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DOJ Subpoenas Stryker Documents

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analogdog   Saturday, 03/01/08 05:02:16 PM
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DOJ Subpoenas Stryker Documents
Thursday February 28, 5:34 pm ET
Stryker Gets DOJ Subpoena for Documents in Criminal Investigation Amid SEC Inquiry

NEW YORK (AP) -- Medical products maker Stryker Corp. said Thursday the Department of Justice subpoenaed the company for documents related to an ongoing Securities and Exchange Commission inquiry.

In October, the SEC sent the company an informal inquiry for information related to the sale of medical devices in foreign countries. Prior to that request, Stryker was one of five medical implant makers that settled with federal prosecutors over doctor kickbacks for use of orthopedic implants.

Because Stryker began cooperating with authorities before the others, it was allowed to enter a non-prosecution agreement and was not charged. The other four companies agreed to pay $310 million total as part of the settlement; Stryker did not have to pay.

Stryker disclosed the Department of Justice investigation in its annual report, filed with the SEC Thursday. The company said the department request entailed documents from Jan. 1, 2000, to the present, regarding possible violations of federal criminal and antitrust laws.

Shares of Stryker rose 4 cents to $66.08 in after-hours trading after falling 30 cents to close at $66.04 during regular trading.

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