Case Page

 

Case Status:    DISMISSED    
On or around 03/30/2012 (Court's order of dismissal)

Filing Date: January 15, 2010

According to a press release dated January 15, 2010, the complaint alleges that, throughout the Class Period, defendants failed to disclose material adverse facts about the Company’s true financial condition, business and prospects. Specifically, the complaint alleges that defendants: i) violated federal regulations regarding the manufacture of medical devices; ii) subjected the Company to unnecessary risks of sales disruptions, lower revenues and product liabilities due to product recalls; and iii) hid hundreds of millions of dollars of additional compliance costs both prior to and during the Class Period, allowing defendants to falsely report and/or project 20%+ earnings growth for Stryker during 2006, 2007 and 2008.

On November 13, 2008, during an investor conference hosted by Credit Suisse, Stryker revealed that it was still losing revenues and customers as a result of a January 2008 hip product recall. Following these statements Stryker common declined 23% closing at $36.11 per share on November 20, 2008.

On May 21, 2010, a Motion To Transfer Venue to the United States District Court for the Western District of Michigan at Kalamazoo was granted.

On January 3, 2011, Judge Gordon J. Quist granted the motion to appoint the P Genesee County Employees' Retirement System, Alaska Electrical Pension Fund, State-Boston Retirement System as lead plaintiffs. On March 25, 2011, the plaintiffs filed an Amended Complaint. The defendants responded by filing a motion to dismiss the Amended Complaint on April 19, 2011, and their motion was denied on July 6, 2011.

On August 19, 2011, the defendants filed a motion to dismiss.

On March 30, 2012, Judge Gordon J. Quist granted defendants' motion to dismiss. Plaintiffs' Amended Complaint was dismissed with prejudice.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: SYK
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: W.D. Michigan
DOCKET #: 10-CV-00376
JUDGE: Hon. Robert W. Sweet
DATE FILED: 01/15/2010
CLASS PERIOD START: 01/25/2007
CLASS PERIOD END: 11/13/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (NY)
    200 Broadhollow Road, Suite 406, Coughlin Stoia Geller Rudman & Robbins LLP (NY), NY 11747
    631-367-7100 631-367-1173 · info@csgrr.com/
No Document Title Filing Date
COURT: W.D. Michigan
DOCKET #: 10-CV-00520
JUDGE: Hon. Robert W. Sweet
DATE FILED: 03/25/2011
CLASS PERIOD START: 01/25/2007
CLASS PERIOD END: 11/13/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Labaton Sucharow LLP
    140 Broadway, Labaton Sucharow LLP, NY 10005
    212.907.0700 212.818.0477 · info@labaton.com
  2. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
No Document Title Filing Date