What bullshit. Here's the real reason for the layoffs:
FOX13 News also found documents from a 2012 ruling in a case between Smith & Nephew and the U.S. Security and Exchange Commission. The company received a multi-million dollar fine after a bribery investigation revealed that starting in 1997, it used off-the-books money from its distributor in Greece for cash incentives to encourage providers to buy smith & nephew products.
FOX13 News asked a Smith & Nephew representative, on top of the medical device tax, how the SEC fine of $16.8 million does not impact the recent layoffs. The spokesman simply replied, "The Med Device tax is a yearly tax."
The company also saw an eight-percent decrease in its recent third quarter profits. Smith & Nephew took a hit after a hip replacement recall in June 2012.
As for the layoffs, Smith & Nephew says they are "providing the affected employees with a comprehensive severance package and outplacement support."