PANews reported on April 16 that according to CoinDesk, medical technology company Semler Scientific disclosed that it has reached a preliminary settlement agreement with the U.S. Department of Justice, agreeing to pay a $29.75 million fine to resolve allegations that its flagship product QuantaFlo's marketing practices may have violated federal anti-fraud laws. As early as 2017, the company received a civil investigation request from the U.S. Department of Justice, subsequently cooperated with multiple subpoenas, and began settlement negotiations in February this year. This investigation is unrelated to the company's Bitcoin holdings.
In an 8-K filing submitted to the U.S. Securities and Exchange Commission (SEC) on Tuesday, Semler Scientific revealed that it has reached an agreement with cryptocurrency exchange Coinbase, allowing it to borrow cash and digital assets using its Bitcoin holdings as collateral. If the settlement agreement with the U.S. Department of Justice is approved, the company plans to "borrow under Coinbase's primary loan agreement and use the proceeds (along with cash on hand) to pay the proposed settlement." However, the agreement has not been finalized, and if a final agreement cannot be reached, the U.S. Department of Justice may still file a lawsuit, with potential claims exceeding the settlement amount.
