CASES
Stryker Corporation
Class Period: Jan 25, 2007 to Nov 13, 2008
Lead Plaintiff Deadline: Mar 16, 2010 + Deadline passed
Summary of Case:
A securities class action has been filed against Stryker Corporation (SYK) ("Stryker" or the "Company") on behalf of all securities purchasers from January 25, 2007 through November 13, 2008, inclusive ("Class Period"), in the United States District Court for the Southern District of New York.
The complaint alleges that throughout the Class Period, defendants failed to disclose material adverse facts about Stryker's true financial condition, business and prospects. Specifically, 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.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.