TranS1 Tentatively Settles with Office of Inspector General Related to Probe, Will Pay $6M
TranS1 Inc. (Nasdaq: TSON), a medical device company focused on designing, developing and marketing products to treat degenerative conditions of the spine affecting the lower lumbar region, today announced that it had reached a tentative agreement in principle with the U.S. Department of Justice related to the subpoena issued in October 2011. On December 24, 2012, the Company and the staff of the Department of Justice tentatively agreed to settle its federal investigation for $6 million, subject to completion and approval of written settlement agreements with the Department of Justice and the HHS-OIG, which are expected to be finalized in the first few months of 2013. The Company admits no wrongdoing as part of the settlement.
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