Baxano Surgical closes the books, without admitting wrong-doing, on a Justice Dept. investigation over allegations of healthcare fraud.
North Carolina medical device maker Baxano Surgical Inc. (NSDQ:BAXS) agreed to pay $6 million to close a Justice Dept. probe initiated nearly 2 years ago. The definitive settlement consummates a tentative agreement the spinal device company forged with federal regulators in December 2012, according to a Baxano Surgical statement.
Baxano Surgical, which admitted no wrong-doing in connection with the settlement, agreed to play the $6 million, plus 2% accrued interest, in 9 quarterly installments beginning July 2013. Baxano had set aside the $6 million in the quarter ended Dec. 31, 2012, the company said.