Stryker to pay $7.8 million fine to SEC for FCPA violations
Stryker SYK, -0.58% was fined $7.8 million by the Securities and Exchange Commission for what the agency said was the second Foreign Corrupt Practices Act action against the medical devices company. According to the SEC, Stryker’s internal accounting controls were not sufficient to detect the risk of improper payments in sales of products in India, China, and Kuwait, and Stryker’s India subsidiary failed to maintain complete and accurate books and records. As part of the SEC sanction, Stryker, which neither admitted nor denied the finding, must now retain an independent compliance consultant to review and evaluate its internal controls, record-keeping, and anti-corruption policies and procedures. In 2013, Styker also settled FCPA violations.
By: Steve Goldstein
September 28, 2018