SEC investigating Wright’s foreign practices

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SEC investigating Wright’s foreign practices

June 12th, 2008 joshua

The Securities and Exchange Commission says it is investigating Wright Medical Group Inc. and a subsidiary over its foreign business practices.

The medical device maker is the latest medical device maker to be probed for its sales overseas.

Though it’s not as if the FDA is too constricting in the U.S. but its reach overseas has proven to be ineffective and medical device and drug companies have gotten away with unethical business practices overseas as they reap the rewards of inflated profits based on the buoy of foreign sales.

Wright is such a company. The makers of hip and joint devices reported better-than-expected sales reports from the first quarter of 2008, based mostly on foreign sales.

The company says it is aware other medical device makers have received similar letters showing SEC intent to investigate business practices and Wright said it is willing to participate in the query.

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