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April 5, 2011 – Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) has been investigating Wright Medical Group Inc. (“Wright Medical” or the “Company”) (Nasdaq: WMGI) for potential violations of the federal securities laws. Investors who purchased Company securities may be affected.
In September 2010, Wright Medical settled accusations it paid doctors to use its products. Wright paid $7.9 million to resolve criminal and civil investigations into whether it paid kickbacks to induce doctors to use its hip and knee devices. At that time, federal prosecutors in New Jersey agreed to drop the case in 12 months if a monitor agreed that Wright Medical reformed the way it hires consultants.
On April 5, 2011, it was disclosed that Gary D. Henley, the Company’s CEO since 2006, resigned before a board meeting called to discuss management’s oversight of the company’s “ongoing compliance program.” Henley also resigned his position on the board of directors. The Company further disclosed that it fired Frank S. Bono, Wright’s senior vice-president and chief technology officer, “for failing to exhibit appropriate regard for the company’s ongoing compliance program.”
On April 5, 2011, Wright Medical shares declined approximately 10%.
If you purchased Wright Medical securities and would like to discuss our investigation, please e-mail
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