On March 13, medical device company Biomet Inc. disclosed in an 8-K that the DOJ had extended by one year the Deferred Prosecution Agreement (“DPA”) that was scheduled to expire this month. The DPA related to Biomet’s 2012 settlement with the DOJ and SEC of FCPA allegations related to conduct in Argentina, China, and Brazil (see prior FCPA Scorecard coverage). According to the 8-K, 18 months after the DPA was originally entered, Biomet discovered additional potential FCPA violations in Brazil and Mexico and self-disclosed those issues to the DOJ and SEC. In addition to the DPA, Biomet’s corporate monitor was also extended for a year.
Biomet is now the second company in the last year to have a DPA extended by the DOJ due to new potential violations (the first being the DPA with Standard Chartered Bank regarding economic sanctions violations).