According to the law firm press release, Zimmer, through various subsidiaries and related entities, designs develops and manufactures medical equipment. The company offers orthopedic and dental reconstructive implants, spinal implants, trauma products, and related surgical products.

According to the complaint filed in this lawsuit, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that supply chain problems led to a decrease in order fulfillment rates, most notably within Zimmer’s knee and hip portfolios; (2) that, as such, the Company would not achieve its revenues and profit forecast; and (3) that, as a result of the foregoing, Defendants’ statements about Zimmer’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

On April 3, 2017, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on June 16, a corrected amended Complaint on June 28, and a second amended Complaint on October 5. Defendants filed a Motion to Dismiss the second amended Complaint on December 20. On September 26, 2018, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss the second amended Complaint. Lead Plaintiff filed a second amended Complaint on March 21, 2019. On April 14, 2020, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on May 21.