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Stryker Corporation (NYSE: SYK) Investor Securities Class Action Lawsuit 01/15/2010

  • If you purchased shares of Stryker Corporation (NYSE: SYK), you might have certain options and 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

Case Dismissed
Company
Stryker Corporation
Security
NYSE: SYK

Case Name
Stryker Corporation Shareholder Class Action Lawsuit 01/15/2010
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

March 30, 2012 - The court granted the defendants' motion to dismiss the complaint with prejudice.
August 19, 2011 - The defendants filed a motion to dismiss.

July 6, 2011 - The court denied the defendants' motion to dismiss.

April 19, 2011 - The defendants filed a motion to dismiss.

March 25, 2011 - Lead plaintiffs filed an amended complaint.

January 3, 2011 - Lead plaintiffs and counsel were appointed and all cases were consolidated.

May 21, 2010 - The court granted defendants motion to transfer venue.

March 16, 2010 - Lead plaintiff motions were filed.

February 5, 2010 - The defendants filed a motion to transfer venue to the U.S. District Court for the Western District of Michigan.

January 15, 2010 - An investor in shares of Stryker Corporation (NYSE: SYK) filed a lawsuit in the U.S. District Court for the Southern District of New York against Stryker Corporation over alleged violations of Federal Securities Laws.

According to the complaint the plaintiff alleges that Stryker Corporation and certain of its officers and executives violated the Securities Exchange Act of 1934 by failing between January 25, 2007 and November 13, 2008, to disclose material adverse facts about its true financial condition, business and prospects. Then on November 13, 2008, during an investor conference hosted by Credit Suisse, Stryker Corporation announced that it was still losing revenues and customers as a result of a January 2008 hip product recall. Following these statements Stryker Corproation common stock declined 23% closing at $36.11 per share on November 20, 2008.

Stryker Corporation, located in Kalamazoo, MI, is a medical technology company with a range of products in orthopedics and a presence in other medical specialties. The Company's products include implants used in joint replacement, trauma, craniomaxillofacial and spinal surgeries; biologics; surgical, neurologic, ear, nose and throat and interventional pain equipment; endoscopic, surgical navigation, communications and digital imaging systems; as well as patient handling and emergency medical equipment. Stryker Corporation reported in 2007 Total Revenue of $6.0005billion with a Net Income of $1.147.80million and in 2008 Total Revenue $6.7182billion with a Net Income of $986.7million. Shares of Stryker Corporation (NYSE: SYK) traded recently at $56.03 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.