The firm is investigating a derivative case against Wright Medical Group, Inc., a Delaware corporation with its principal executive offices in Arlington, TN, is an orthopedic medical device company that engages in the design, manufacture, and marketing of devices for joint repair and reconstruction.
In September 2010, the company paid $7.9 million and entered into a deferred prosecution agreement to resolve criminal and civil investigations regarding the potential payment of kickbacks to induce doctors to use its devices. Pursuant to the agreement, the company will be granted amnesty in exchange for agreeing to pay fines and implement certain corporate reforms to ensure that the wrongdoing does not reoccur. Then in April 2011, the CEO resigned and the company fired a Senior VP, both based on the company’s ongoing compliance problem in relation to the deferred prosecution agreement. Several additional executives, including the company's General Counsel and the VP of Regulatory Affairs, have also resigned. On May 5, 2011, the company announced that it received a letter from the U.S. Attorney's Office for the District of New Jersey stating that the U.S. Attorney's Office believes the company has been knowingly and willfully breaching material provisions of the deferred prosecution agreement. Most recently, on August 22, 2011, Wright’s Chief Compliance Officer resigned and the Company terminated its Chief Technology Officer “for failing to exhibit appropriate regard for Wright’s ongoing compliance program.”
If you are a current shareholder and would like to discuss your options of exercising your rights as a shareholder, which include ensuring that the company is getting the highest possible price for the company, and that the board of directors will act in the best interest of the shareholders, please contact us.
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