„As a direct result of federal oversight, Wright has made significant and profound changes to corporate culture and tone at the top,” said U.S. First Deputy Attorney J. Gilmore Childers. „Our office is pleased with the extensive collaboration of the newly appointed interim management team. Today`s extension will allow Wright to complete the transition from interim to permanent management while remaining within the conditions of ODA and oversight of the Federal Monitor. „As part of its agreement with USAO, WMT has voluntarily agreed to extend the duration of its ODA by 12 months; ODA will now expire on 29 September 2012. USAO has agreed not to take any further action in the event of a violation of the ODA referred to in USAO`s above-mentioned letter dated May 5, 2011, unless it submits it by May 29, 2011. September 2012 concluded that WMT had committed a knowing, intentional and unhabilited violation of an essential provision of the DPA by its conduct after September 15. 2011 or by conduct prior to 15 September 2011 of which the independent observer was not aware at that time. WMT also agreed with the OIG on an amendment to the Enterprise Integrity Agreement (CIA) under which some of WMT`s significant obligations under the CIA will now begin on September 29, 2012, when the amended ODA monitoring period will expire.
The duration of the CIA has not changed and expires as previously planned for September 29, 2015. As part of such an amendment, the OIG informed WMT that, based on the information it now has, it does not intend to exercise its authority under section 51 of the HPA to exempt Wright from participating in federal health programs on the basis of a notice in letter dated 5. May, unless the USAO takes further action in connection with an alleged violation of the CCA by WMT. Wright Medical Group, Inc. (NASDAQ: WMGI), a global orthopedic medical device company and a leading provider of surgical solutions for the foot and ankle market, today announced that its wholly-owned subsidiary, Wright Medical Technology, Inc. (WMT), has entered into agreements with the U.S. Attorney`s Office for the District of New Jersey (USAO) and the Office of the Inspector General. U.S. Department of Health and Human Services (OIG) in connection with USAO`s previously published letter dated May 5, 2011 regarding the Company`s Deferred Prosecution Agreement (DPA). The May 5 letter was described in the Corporation`s most recent Report on Form 8-K filed on May 5, 2011.
Wright Medical Group, Inc. is a global orthopedic medical device company specializing in the development, manufacture and commercialization of devices and biologics for the repair and reconstruction of extremities, hips and knees. Wright Medical is a leading provider of surgical solutions for the foot and ankle market. Wright Medical has been in business for over 60 years, marketing its products in more than 60 countries around the world. For more information about Wright Medical, visit the website at www.wmt.com. „Wright Medical and its Board of Directors have taken significant steps to improve the company`s compliance,” said David D. Stevens, Chairman and Interim Chief Executive Officer. „We believe that the voluntary extension of the CCA term will give the company the opportunity to further demonstrate its commitment to the highest standards of ethical conduct. We will continue to work closely with the Monitor, the USAO, the Office of the Inspector General and other regulatory bodies to ensure that the Company complies with all laws and regulations that govern our business practices. » NOTE: A confirmation email will be sent to your address before you can access your trial version. Cautionary Note Regarding Forward-Looking Statements Best practices for efficiently downloading information from SEC.gov, including the most recent EDGAR filings, are available at sec.gov/developer.
You can also sign up for email updates in the SEC Open Data program, including best practices that make downloading data more efficient and SEC.gov improvements that can affect scripted download processes. For more information, please contact email@example.com. .