Options Backdating Catches Up To Biomet

Law360, New York (April 2, 2007, 12:00 AM EDT) -- Two Biomet Inc. executives have retired from the company in the wake of an internal investigation that uncovered backdated stock option grants.

On Friday, Chief Financial Officer Gregory D. Hartman and Daniel P. Hann, an executive vice president of administration, were forced out of their respective positions, the medical device maker said.

Nonetheless, they will stay on as consultants “to ensure a smooth transition of business operations and financial matters.”

Hartman was replaced as CFO on an interim basis by J. Pat Richardson. The company added...
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