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Case Status:    DISMISSED    
On or around 06/12/2012 (Court's order of dismissal)

Filing Date: August 05, 2008

The original Complaint charges that Zimmer and certain of its officers and directors violated federal securities laws by materially misrepresenting the Company and its products. Specifically, the complaint charges that defendants failed to disclose material flaws in the quality systems at Zimmer's Dover, Ohio facility, which manufactured Zimmer Orthopedic Surgical Products. In addition, defendants failed to disclose that patients receiving the Company's Durom Acetabular Component, used in total hip replacement procedures, disproportionately experienced cup loosening requiring additional corrective surgery after implantation. As a result of defendants' materially false and misleading statements, Zimmer's common stock traded at artificially inflated prices during the Class Period. When the true condition of the Company, its facilities, and its products began to come to light, the price of Zimmer stock declined, falling from $70.88 to $66.01 per share in one day.

On October 27, 2008, the judge entered an order appointing Plumbers and Pipefitters Local Union 719 Pension Fund as lead plaintiff and approving its selection of lead and liaison counsel. A Consolidated Class Action Complaint was filed on December 24, 2008. On February 23, 2009, the defendants responded by filing a motion to dismiss the Consolidated Complaint. On December 1, 2009, Judge Sarah Evans Barker granted the defendants’ motion to dismiss without prejudice. The plaintiffs are allowed 45 days to file an amended complaint.

On January 28, 2011, Judge Sarah Evans Barker denied the motion for leave to file an amended complaint. According to the Order, in light of these rulings that Plaintiffs Proposed Amended Complaint fails to create the requisite strong inference of scienter required to maintain its §10(b) claim, dismissal of that claim as well as its related § 20(a) and Rule 10b-5 claims is warranted. We hold that to grant Plaintiffs Motion for Leave to File Proposed Amended Complaint would be futile. Therefore, leave to amend pursuant to Federal Rule of Civil Procedure 15(a) is denied. Accordingly, this case is dismissed without prejudice and a final judgment shall enter.

On February 25, 2011, the plaintiffs filed a Notice of Appeal. On June 12, 2012, the United States Court of Appeals for the Seventh Circuit issued a mandate affirming the judgment of the District Court.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Medical Equipment & Supplies
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ZMH
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. Indiana
DOCKET #: 08-CV-01041
JUDGE: Hon. David Frank Hamilton
DATE FILED: 08/05/2008
CLASS PERIOD START: 01/29/2008
CLASS PERIOD END: 07/22/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen & Malad, LLP
    136 North Delaware - Suite 300, Cohen & Malad, LLP, IN 46204
    317.636.6481 317.636.2593 ·
  2. Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    655 West Broadway, Suite 1900, Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 · info@csgrr.com/
No Document Title Filing Date
COURT: S.D. Indiana
DOCKET #: 08-CV-01041
JUDGE: Hon. David Frank Hamilton
DATE FILED: 12/24/2008
CLASS PERIOD START: 01/29/2008
CLASS PERIOD END: 07/22/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (San Francisco)
    100 Pine Street, Suite 2600, Coughlin Stoia Geller Rudman & Robbins LLP (San Francisco), CA 94111
    415.288.4545 415.288.4534 ·
No Document Title Filing Date
No Document Title Filing Date