Exactech Announces Expiration of Deferred Prosecution Agreement
March 15 2012 - 12:25PM
Business Wire
Exactech, Inc. (Nasdaq:EXAC), a developer and producer of bone
and joint restoration products for hip, knee, shoulder, spine and
biologic materials, announced today that the Deferred Prosecution
Agreement (DPA) entered into effective December 7, 2010 with the
United States Attorney’s Office for the District of New Jersey
(USAO) has expired. The Company satisfied its obligations under the
DPA and has received a Notice of Dismissal of the Complaint filed
against it in this matter in the United States District Court for
the District of New Jersey. Neither the DPA nor the Complaint
alleged that the Company’s conduct adversely affected patient
health or patient care.
Like the other orthopaedic companies who completed their DPAs,
Exactech is under a Corporate Integrity Agreement (CIA)
administered by the Office of Inspector General of the U.S.
Department of Health and Human Services. Exactech’s CIA extends
until December 7, 2015.
Exactech Chairman and CEO Bill Petty said, "We are pleased to
reach closure of this process and to have the
systems in place to ensure effective,
efficient compliance. We will continue to practice the highest
standards of ethics, which have been and will continue to be
hallmarks of our corporate culture.”
About Exactech
Based in Gainesville, Fla., Exactech develops and markets
orthopaedic implant devices, related surgical instruments and
biologic materials and services to hospitals and physicians. The
company manufactures many of its orthopaedic devices at its
Gainesville facility. Exactech’s orthopaedic products are used in
the restoration of bones and joints that have deteriorated as a
result of injury or diseases such as arthritis. Exactech markets
its products in the United States, in addition to more than 30
markets in Europe, Latin America, Asia and the Pacific. Additional
information about Exactech, Inc. can be found at
http://www.exac.com. Copies of Exactech’s press releases, SEC
filings, current price quotes and other valuable information for
investors may be found at http://www.exac.com and
http://www.hawkassociates.com.
An investment profile on Exactech may be found at
http://www.hawkassociates.com/profile/exac.cfm.
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This release contains various forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, which represent
the company’s expectations or beliefs concerning future events of
the company’s financial performance. These forward-looking
statements are further qualified by important factors that could
cause actual results to differ materially from those in the
forward-looking statements. These factors include the effect of
competitive pricing, the company’s dependence on the ability of
third party manufacturers to produce components on a basis which is
cost-effective to the company, market acceptance of the company’s
products and the effects of government regulation. Results actually
achieved may differ materially from expected results included in
these statements.
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