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Stryker Corporation Long Term Investors File Lawsuit

  • If you are a current long term investor in common stock of Stryker Corporation (NYSE:SYK), you have certain options you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Stryker Corporation
Security
NYSE: SYK

Case Name
Stryker Corporation Derivitive Long-Term Shareholder Action 03/31/2010
Type of Lawsuit
Stockholder Derivative Action
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Summary

MARCH 2012 - Case dismissed.
Stryker Corporation (NYSE:SYK) was hit in January by a lawsuit on behalf of purchasers of the common stock of Stryker Corporation (NYSE:SYK) between January 25, 2007 and November 13, 2008. Now current long term investors in Stryker Corp. filed a lawsuit on behalf of current long term shareholders in Stryker Corporation (NYSE:SYK) against certain directors of Stryker Corp over alleged breaches of fiduciary duty and gross mismanagement.

Stryker Corporation, located in Kalamazoo, Michigan, is a medical technology company with a range of products in orthopedics and a presence in other medical specialties. Shares of Stryker Corporation (SYK) traded recently around $57 per share, down from $66.89 per share in Aug 08, $72.26 per share in Jan 08, and almost $76 per share in 2007.

On November 13, 2008, during an investor conference hosted by Credit Suisse, Stryker announced 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.

Then on January 15, 2010 a lawsuit on behalf of purchasers of the common stock of Stryker Corporation (NYSE:SYK) between January 25, 2007 and November 13, 2008 was filed in the United States District Court for the Southern District of New York alleging that Stryker and certain of its officers and executives violated the Securities Exchange Act of 1934 by failing to disclose between January 25, 2007 and November 13, 2008, material adverse facts about its true financial condition, business and prospects.

Recently, on March 25, 2010 current long term investors filed a lawsuit on behalf of current long term shareholders, in Stryker Corporation (NYSE:SYK) in United States District Court for the Western District of Michigan against certain directors of Stryker Corp. The plaintiffs allege that the defendants damaged Stryker Corp., by paying kickbacks to surgeons, submitting false claims to the government, falsifying documents and violating antitrust law.