Wright Medical shares fall on SEC investigation

In an SEC filing late Tuesday, the company said its subsidiary Wright Medical Technology Inc. received a letter from the SEC regarding the informal investigation into the sale of medical devices in a number of foreign countries by medical device makers. It cited potential violations of the Foreign Corrupt Practices Act, which essentially bars a company from paying off government officials and others in order to gain a better position in that market.

Wright plans to fully cooperate with the SEC.

In 2007, several companies paid a combined $310 million to settle allegations leveled from the U.S. Attorney's Office in New Jersey over payments to doctors and hospitals to use their products specifically. Those companies included Biomet Inc., DePuy Orthopaedics Inc., Smith & Nephew Inc. and Zimmer Holdings Inc.

Shares of Arlington, Tenn.-based Wright Medical fell 60 cents, or 2 percent, to $29.33 in afternoon trading. The stock has traded between $21.06 and $31.80 over the last 52 weeks.