Smith & Nephew shares fell by 13% yesterday after revealing that it had uncovered 'unethical' sales practices in a company it bought last year.
The practices have led to the hiring of lawyers and forensic accountants, The Times reported, and will result in £50m in lost revenue.
Most of the unacceptable activity, which are thought to have involved kickbacks to purchasers, occurred in Greece, newspaper reports said.
'We have taken prompt, decisive action to ensure that the sales practices we uncovered within [the company] in continental Europe have been stopped and this has impacted our performance this quarter and will continue to do so for the rest of the year.'
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