Orthofix to pay $14 million to settle charges it paid off doctors: U.S. SEC
January 18, 2017
WASHINGTON (Reuters) - Texas-based medical device company Orthofix International NV has admitted wrongdoing and agreed to pay more than $14 million to settle charges that it improperly booked revenue and paid off doctors in Brazil to boost sales, U.S. regulators said on Wednesday.
The Securities and Exchange Commission said in a statement that Orthofix improperly booked revenue in certain instances. Its "accounting failures were widespread and significant, causing Orthofix to make false statements to the public about its financial condition," it said.
(Reporting by David Alexander; Editing by Susan Heavey)
The Securities and Exchange Commission said in a statement that Orthofix improperly booked revenue in certain instances. Its "accounting failures were widespread and significant, causing Orthofix to make false statements to the public about its financial condition," it said.
(Reporting by David Alexander; Editing by Susan Heavey)