Medical Device Manufacturer AtriCure Announces Tentative Settlement with DOJ


Strict Standards: Declaration of C_DataMapper_Driver_Base::define() should be compatible with C_Component::define($context = false) in /nfs/c06/h01/mnt/156219/domains/ on line 0

November 04, 2009 08:10 AM Eastern Time

AtriCure Announces Tentative Settlement with the Department of Justice

WEST CHESTER, Ohio–(BUSINESS WIRE)–AtriCure, Inc. (Nasdaq: ATRC), a medical device company and a leader in cardiac surgical ablation systems, today announced that it has reached a tentative agreement, subject to completion and approval of a written settlement agreement, with the Department of Justice (DOJ) to resolve the issues raised in the DOJ’s investigation and the related qui tam complaint regarding the marketing of the Company’s surgical ablation devices. The agreement includes AtriCure’s assertion that the Company and its employees have not engaged in any wrongdoing or illegal activity.

Pursuant to the tentative agreement, AtriCure would pay $3.8 million plus interest over a five-year period. Payments during the five-year period, inclusive of interest, would be $0.5 million, $0.5 million, $0.65 million, $1.0 million and $1.5 million, respectively. AtriCure has recorded a settlement reserve of $3.8 million related to the agreement in its financial statements for its quarter ended September 30, 2009. Further, as is typical of settlements of this nature, AtriCure has agreed, subject to completion and approval of a written agreement, to enter into a corporate integrity agreement with the Office of Inspector General of the Department of Health and Human Services.

SOURCE Business Wire

Read the full article here.



You can be the first one to leave a comment.


Leave a Comment


You must be logged in to post a comment.