Biomet Subpoenaed by the Department of Justice (BMET)

Jun.27.06 | About: Biomet Inc. (BMET)

Eddy Elfenbein submits: Picked this up from MarketWatch yesterday:

Biomet Inc. (Pending:BMET) said Monday it's received a federal grand jury subpoena from the anti-trust division of the Department of Justice. The company said the subpoena is related to possible violations of anti-trust laws involving the manufacturing and sale of orthopedic implant devices. Biomet, based in Warsaw, Ind., said the subpoena requests documents from Jan. 1, 2001 through the present, and it believes similar inquiries have been directed at other companies in the industry . The company plans to fully cooperate with the probe. The stock closed Friday at $34.98, down 21 cents.

The stock is down about 10%, or nearly $3.00 since. Earnings are due on Wednesday -- they're hoping a strong showing will help people forget their current legal woes.

BMET 1-yr chart:

BMET 1-yr chart