London, UK--(Marketwire - September 27, 2007) - Smith & Nephew in discussions with the New Jersey Department of Justice
Smith & Nephew plc (LSE: SN, NYSE: SNN), the global medical technology business, announces that, following the receipt of a subpoena in March 2005, it is in discussions with the United States Attorney for the District of New Jersey to agree a settlement in relation to the investigation into the company's consulting contracts with surgeons.
These discussions are in an advanced stage and the company believes that the resolution will not be materially adverse to the company. The company further believes that the company's procedures for the establishment and maintenance of consulting contracts with surgeons are compliant with the law.
Smith & Nephew anticipates that these discussions will be promptly concluded and it will make a further announcement when it is appropriate to do so.
The United States Attorney for the District of New Jersey, Mr Christopher J. Christie, has reviewed this announcement and approved its contents.
Liz Hewitt Tel: +44 (0) 20 7401 7646 Smith & Nephew Group Director Corporate Affairs Media Jon Coles Tel: +44 (0) 20 7404 5959 Brunswick - London David Shapiro Tel: +1 (202) 393 7337 Brunswick - Washington
About Smith & Nephew
Smith & Nephew is a global medical technology business, specialising in Orthopaedic Reconstruction, Orthopaedic Trauma and Clinical Therapies, Endoscopy and Advanced Wound Management products. Smith & Nephew is a global leader in arthroscopy and advanced wound management and is one of the leading global orthopaedics companies.
Smith & Nephew is dedicated to helping improve people's lives. The Company prides itself on the strength of its relationships with its surgeons and professional healthcare customers, with whom its name is synonymous with high standards of performance, innovation and trust. The Company has 9,600 employees and operates in 31 countries around the world generating annual sales approaching $2.8 billion.
This press release contains certain "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995. In particular, statements regarding expected revenue growth and trading margins discussed under "Outlook" are forward-looking statements as are discussions of our product pipeline. These statements, as well as the phrases "aim", "plan", "intend", "anticipate", "well- placed", "believe", "estimate", "expect", "target", "consider" and similar expressions, are generally intended to identify forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors (including, but not limited to, the outcome of litigation, claims and regulatory approvals) that could cause the actual results, performance or achievements of Smith & Nephew, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward- looking statements. Please refer to the documents that Smith & Nephew has filed with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934, as amended, including Smith & Nephew's most recent annual report on Form 20F, for a discussion of certain of these factors.
All forward-looking statements in this press release are based on information available to Smith & Nephew as of the date hereof. All written or oral forward-looking statements attributable to Smith & Nephew or any person acting on behalf of Smith & Nephew are expressly qualified in their entirety by the foregoing. Smith & Nephew does not undertake any obligation to update or revise any forward-looking statement contained herein to reflect any change in Smith & Nephew's expectation with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
This information is provided by RNS The company news service from the London Stock Exchange