Boston Scientific Corp (BSX): The hit to the books will be taken for 3...

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Friday, 11/06/2009 9:26:55 AM

Friday, November 06, 2009 9:26:55 AM

The hit to the books will be taken for 3rd Q. Next Q will be back in the $

By MarketWatch
Nov 6, 2009 09:01:09 (ET)

(8:50 AM ET) BOSTON (MarketWatch) -- Boston Scientific Corp.(BSX, Trade )said Friday that it has agreed in principle to settle an investigation with the Department of Justice for $296 million. The probe focused on the former Guidant Corp.'s 2005 warnings on its Contak Renewal and Ventak Prizm medical device products. Boston Scientific acquired Guidant in 2006. Under the settlement, Guidant will plead to two misdemeanor charges of failing to supply certain information to U.S. regulators. Boston Scientific said the payment will be recorded retroactively as a charge in the third-quarter. As a result of the charge, the company has restated its third-quarter earnings report to show a loss of $94 million, or 6 cents a share. Previously, the company had reported a profit of $200 million, or 13 cents a share.