Stericycle, Inc. is a U.S.-based medical waste management company. Incorporated in Delaware with principal offices in Ohio, its common stock is traded on the Nasdaq Global Select Market.
In its 10-Q filed on August 9, 2017, Stericycle disclosed that the SEC had issued a subpoena to the company on June 12, 2017, seeking documents and information relating to the company’s FCPA compliance with respect to the company’s operations in Latin America. The DOJ also notified Stericycle that it was investigating this matter in parallel with the SEC. According to the 10-Q, the company was cooperating with the agencies' investigations.
Stericycle also initiated an internal investigation into the matter, led by its Audit Committee with the assistance of outside counsel, and the internal investigation found evidence of improper conduct.
In its 10-Q filed on November 8, 2017, the company disclosed that the internal investigation had expanded to areas outside of Latin America.
In connection with the agency's investigation, the SEC issued a second subpoena to the company on July 29, 2019, requesting documents relating to Stericycle’s pricing practices concerning small quantity customers.
In its 10-Q filed on August 6, 2021, Stericycle disclosed that it had entered negotiations with the DOJ and SEC to resolve the investigations, and in the company's 10-Q filed on November 2, 2021, the company stated that it had accrued $61 million in anticipation of a settlement with the agencies.
In its 10-K filed on February 24, 2022, Stericycle disclosed that it had reached a settlement in prinicple with the DOJ and SEC, though it remained in discussions with Brazilian authorities. Under the proposed settlements, the company would enter into a DPA with the DOJ paying a criminal fine of $52.5 million and an administrative proceeding with the DOJ paying $28.2 million in disgorgement and interest. Accordingly, the company accrued an additional $19.7 million for a total accrual of $80.7 million in anticipation of the settlement.
On April 20, 2022, Stericycle announced it had reached resolutions with the DOJ and SEC.
