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| BSX > SEC Filings for BSX > Form 8-K on 6-Nov-2009 | All Recent SEC Filings |
6-Nov-2009
Results of Operations and Financial Condition, Financial Statements and Ex
Today we announced that we have reached an agreement in principle with the U.S. Department of Justice related to product advisories issued by our Guidant subsidiary in 2005. The alleged conduct and product sales occurred prior to our 2006 acquisition of Guidant.
We had previously disclosed an investigation by the U.S. Attorney's Office in Minneapolis into alleged violations of the Food, Drug, and Cosmetic Act by Guidant. Under the terms of the agreement, Guidant will plead to two misdemeanor charges related to failure to include information in reports to the U.S. Food and Drug Administration, and we will pay $296 million on behalf of Guidant.
U.S. Generally Accepted Accounting Principles require that this agreement be recorded in the third quarter, as it occurred after the October 19, 2009 release of our third quarter financial results and before the filing of our Quarterly Report on Form 10-Q. Accordingly, we have updated our financial results for the third quarter and nine months ended September 30, 2009, recording a third quarter charge of $294 million, on both a pre-tax and after-tax basis. This amount represents the $296 million charge associated with the agreement net of a $2 million reversal of a related accrual.
A copy of the press release is attached hereto as Exhibit 99.1.
Exhibit No. Description
99.1 Press Release issued by Boston Scientific Corporation dated November 6, 2009.
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