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Case Status:    SETTLED
On or around 01/18/2024 (Settlement preliminarily approval)

Filing Date: February 27, 2020

According to the Complaint, Becton, Dickinson and Company purports to be a medical technology company that develops, manufactures, and sells a broad range of medical supplies, devices, laboratory equipment and diagnostic products. It has three business segments: BD Medical; BD Life Sciences, and BD Interventional. The Company’s Alaris pump is a large volume infusion pump that continuously or intermittently delivers fluids, medications, blood and blood products to adult, pediatric or neonatal patients.

The Complaint alleges that 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, the Complaint alleges Defendants failed to disclose to investors: (1) that certain of Becton’s Alaris infusion pumps experienced software errors and alarm prioritization issues; (2) that, as a result, the Company was investing in remediation efforts to address these product issues, rather than a software upgrade to “make enhancements;” (3) that the Company was reasonably likely to face regulatory delays in connection with the software remediation; (4) that, as a result of the foregoing, Becton was reasonably likely to recall certain of its Alaris infusion pumps; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.

On June 9, 2020, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on August 10. Lead Plaintiff filed a second amended Complaint on January 14, 2021. On March 19, Defendants filed a Motion to Dismiss the second amended Complaint. The Court issued an Order granting Defendants' Motion to Dismiss on September 15. The Complaint was dismissed without prejudice.

Lead Plaintiff filed a third amended Complaint on October 29, 2021. Defendants filed a Motion to Dismiss the third amended Complaint on December 16. On August 11, 2022, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.

Plaintiff filed a Motion for Class Certification on January 17, 2023. On August 3, the Court issued an Order granting the Motion for Class Certification.

The parties entered into a Stipulation and Agreement of Settlement on December 19, 2023. The Court granted preliminary approval of the Settlement on January 18, 2024.

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