31st Jul 2006 15:00
Smith & Nephew Plc31 July 2006 Smith & Nephew statement 31 July 2006 Smith & Nephew plc (LSE: SN, NYSE: SNN) ("Smith & Nephew" or "the Company")today released the following statement. Following receipt of the U.S. Department of Justice's investigative subpoenapreviously disclosed by the Company on June 30, 2006, Smith & Nephew institutedan internal investigation in order to cooperate fully with the JusticeDepartment. Through this internal investigation it has come to our attentionthat an independent orthopaedic sales representative under contract to theCompany sent an email on October 28, 2005 to competitors. That email appears tohave resulted from a hospital's request for proposals from the Company and itscompetitors regarding their orthopaedic implant products. The email proposed tothe Company's competitors that they join in a coordinated response to thehospital's request. That email was in clear contravention of Smith & Nephew'spolicies and was not authorised by Company management. To the best of theCompany's knowledge, the October 28, 2005 email was never acted upon by theCompany or any of its competitors in responding to the hospital or any customerand resulted in no anti-competitive agreement. The independent salesrepresentative and the Company no longer have a business relationship. Smith & Nephew is committed to complying with all laws and regulations and tohaving the highest standards of ethical business practice. Smith & Nephewcontinues to cooperate fully with the Department of Justice in thisinvestigation. The investigation is ongoing and Smith & Nephew can provide no assurance as tothe final outcome. Therefore, it would not be appropriate to comment further.The provision of the information above should not be construed as an intentionon the Company's part to provide further updates except as legally required. Enquiries Investors/MediaDeborah ScottFinancial Dynamics - London Tel: +44 (0) 20 7401 7646 Media David Yates Tel: +44 (0) 20 7831 3113Financial Dynamics - London Jonathan Birt Tel: +1 (212) 850 5634Financial Dynamics - New York This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Smith & Nephew