Misonix (Farmingdale, NY) says it voluntarily alerted federal authorities about problems at a Chinese distributor.
An independent Chinese distributor may have been engaging in business practices that violated the U.S. Foreign Corrupt Practices Act, ultrasonic surgical device maker Misonix has disclosed in an SEC filing.
Misonix officials voluntarily alerted the SEC and U.S. Justice Department about the problems.
An internal investigation has ensued at the company. Misonix said in its SEC filing: "The Company intends to cooperate fully with the DOJ and SEC as the investigation continues. At this stage, the Company is unable to predict what, if any, action the DOJ or the SEC may take or what, if any, penalties or remedial measures these agencies may seek. Any determination that the Company's operations or activities are not in compliance with existing laws or regulations could result in the imposition of fines, civil and criminal penalties, equitable remedies, including profit disgorgement, and injunctive relief."
The minimally invasive ultrasonic surgical devices maker has about 80 employees and earned $5.6 million off $22.2 million in revenue during its most recent fiscal year, according to its latest annual report. The company's roots through its predecessors go back to the 1950s.
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