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Friday, November 06, 2009
Boston Scientific Settles with Justice Department
FOXBusiness
Boston Scientific (BSX), the medical device maker, said it will pay $296 million to settle an investigation by the Department of Justice into the company’s Guidant division.
The settlement involved claims that Guidant knowingly sold defective defibrillators for three years that had potentially life-threatening imperfections. Although the company notified patients and doctors about the problem, it was criticized for dragging its feet during this process.
Boston Scientific has updated its third-quarter results to include the payment. Its third-quarter loss now stands at $94 million, or 6 cents per share, instead of the $250 million profit, or 13 cents per-share, it previously reported.
Shares of Boston Scientific are flat at $8.07.
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