KALAMAZOO, Mich., Oct. 28 /PRNewswire-FirstCall/ — Stryker Corporation (NYSE: SYK) learned today that a federal grand jury in the District of Massachusetts has returned an indictment charging Stryker Biotech LLC and certain current and former employees of Stryker Biotech with wire fraud, conspiracy to defraud the U.S. Food and Drug Administration (FDA), distribution of a misbranded device and false statements to the FDA. The Company disclosed in March of this year that its Biotech division was the target of a federal grand jury investigation being conducted by the U.S. Attorney’s Office for the District of Massachusetts.
The Company is disappointed with this action and still hopes to be able to reach a fair and just resolution of this matter. Conviction of these charges could result in significant monetary fines and Stryker Biotech’s exclusion from participating in federal and state health care programs, which could have a material affect on Stryker Biotech’s business. As a matter of Company policy Stryker will not have any further comment on these allegations.