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 | Investigations Dataset

Stanford Foreign Corrupt Practices Act Clearinghouse a Collaboration with Sullivan & Cromwell LLP

Investigations Dataset

 
Investigation into Medtronic's Activities in Multiple Countries · Medtronic, Inc.

Information & Summary

Investigation into Medtronic's Activities in Multiple Countries

Related FCPA Matter:   Medtronic, Inc.'s Involvement in Multiple Countries Information

Information & Summary

Investigation Name:    Investigation into Medtronic's Activities in Multiple Countries

Trend:    None

Type of investigation:    SEC, DOJ

Other Agencies Investigating/Assisting with SEC/DOJ Investigation:    Unknown

Whistleblower:    Unknown

Summary

Medtronic, Inc. (Medtronic) is an American company in the medical devices field. It was incorporated in Minnesota and does business in more than 140 countries worldwide. Its stock is traded on the NYSE.

In its 10-Q filing dated September 3, 2008, Medtronic disclosed that it had received a letter from the SEC on September 25, 2007 requesting information relating to any potential violations of the FCPA in connection with the sale of medical devices in an unspecified number of foreign countries, including Greece, Poland and Germany. Turkey, Italy and Malaysia were subsequently added to the inquiry. The letter noted that Medtronic was a significant participant in the medical device industry, and sought any information concerning certain types of payments made directly or indirectly to government-employed doctors. According to Medtronic, a number of competitors publicly disclosed receiving similar letters. On November 16, 2007, Medtronic received a letter from the Department of Justice requesting any information provided to the SEC. Medtronic disclosed that it was cooperating with both requests.

In June 2013, the SEC and the DOJ informed Medtronic that they would be closing their investigations without pursuing any enforcement action against the company.

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