UPDATE: Medtronic Received SEC Letter On Informal Probe

-CNN

10/12/2007- Medtronic Inc. (MDT) is among several medical-device companies that have received letters from the U.S. Securities and Exchange Commission regarding an informal probe into possible violations of the Foreign Corrupt Practices Act, a Medtronic spokeswoman confirmed Friday.

The letter doesn't specify any Medtronic business unit, said Medtronic spokeswoman Marybeth Thorsgaard, who added that the company will comply with the request.

"We do not believe we committed any violations," she said.

The act in question is meant to stop improper payments to foreign officials in return for favors. Four orthopedics companies including Zimmer Holdings Inc. ( ZMH), Stryker Corp. (SYK), Biomet Inc. and Smith & Nephew PLC (SNN) have also acknowledged getting letters from the SEC, while some companies with heart- devices business also have received them.

Brief statements from Biomet, Zimmer and Stryker indicate the SEC's informal probe involves the sale of medical devices in foreign countries. The devices in question weren't specified, and an SEC spokeswoman declined comment on the matter.

Medtronic's top-selling products are implantable defibrillator heart devices, but the company also has a big presence in the orthopedics business through its spinal products division.

Shares of Medtronic were recently down slightly to $56.41.

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