BOULDER, Colo., Sept. 8, 2008 (GLOBE NEWSWIRE) -- The Shuman Law Firm today announced that it is investigating certain officers and directors of Wright Medical Group, Inc. (Nasdaq:WMGI) who may have allowed potential violations of the Foreign Corrupt Practices Act to occur at WMGI.
WMGI is an orthopedic medical device company specializing in the design, manufacture and marketing of reconstructive joint devices and biologics products. On December 12, 2007, WMGI issued a press release disclosing a Department of Justice investigation into the Company's relationship with orthopedic surgeons and stating that WMGI "received today a subpoena from the U.S. Department of Justice through the U.S. Attorney for the District of New Jersey requesting documents for the period January 1998 through the present related to any consulting and professional service agreements with orthopedic surgeons in connection with hip or knee joint replacement procedures or products." Thereafter, on June 10, 2008, WMGI disclosed in an 8-K that its "principal operating subsidiary, Wright Medical Technology, Inc., received a letter from the U.S. Securities and Exchange Commission informing us that it is conducting an informal investigation regarding potential violations of the Foreign Corrupt Practices Act in the sale of medical devices in a number of foreign countries by companies in the medical device industry." As a result of the various governmental investigations of its conduct, WMGI has incurred at least $3.2 million in legal expenses in just the first-half of the 2008 fiscal year to the detriment of shareholders.
If you currently own WMGI common stock and would like a free consultation concerning your rights and interests, please contact Kip Shuman, Esq. or Rusty Glenn, Esq. toll-free at 866-974-8626 or email Mr. Shuman at kip@shumanlawfirm.com or Mr. Glenn at rusty@shumanlawfirm.com.
The Shuman Law Firm has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud. The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and shareholder derivative actions.
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