Create a free account to continue

ICE, FDA Serve Warrant To Spectranetics

Federal officials served the medical device maker with a search warrant as they investigate whether parts from an international source had been improperly received.

COLORADO SPRINGS, Colo. (AP) -- Medical device maker Spectranetics Corp. said federal officials served it with a search warrant Thursday.

Its shares were down $4.27, or 47 percent, at $4.73 when Nasdaq halted their trading pending the news announcement Thursday afternoon. The company said that trading would resume Friday.

The warrant was jointly served by the Food and Drug Administration and U.S. Immigration and Customs Enforcement, Spectranetics said.

Colorado Springs police spokesman Lt. David Whitlock said ICE agents told police that they were investigating whether parts from an international source had been improperly received.

ICE, FDA and U.S. attorney's officials all declined to comment.

Spectranetics said the warrant requested information concerning the promotion, use, testing, marketing and sales of a certain product and payments made to medical personnel and an identified institution for the application.

It also sought details of catheter guidewires and balloon catheters made by foreign parties, compensation packages for certain personnel whom the company didn't identify, and two post-market studies completed from 2002 to 2005 and payments to medical personnel in connection with those studies.

Spectranetics said it was cooperating with authorities and expected business to operate as usual.

Spectranetics employs 470 people, including nearly 300 in Colorado Springs.

More in Supply Chain