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You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of October 19, 2020 by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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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
Settlement Overview
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May 21, 2020 - The court preliminarily approved the settlement.
April 14, 2020 - A stipulation of settlement was filed by the parties.
March 21, 2019 - A third amended complaint as filed.
September 26, 2018 - The court granted in part and denied in part the defendants' motion to dismiss.
December 20, 2017 - A motion to dismiss the second amended complaint was filed.
October 5, 2017 - A second amended complaint as filed.
June 16, 2017 - An amended complaint was filed.
December 2, 2016 - An investor in shares of Zimmer Biomet Holdings Inc (NYSE: ZBH) filed a lawsuit in the U.S. District Court for the Northern District of Indiana over alleged violations of Federal Securities Laws by Zimmer Biomet Holdings Inc in connection with certain allegedly false and misleading statements made between September 7, 2016 and October 31, 2016.
According to the complaint the plaintiff alleges on behalf of purchasers of Zimmer Biomet Holdings Inc (NYSE: ZBH) common shares between September 7, 2016 and October 31, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between September 7, 2016 and October 31, 2016 the defendants failed to disclose that supply chain problems led to a decrease in order fulfillment rates, most notably within Zimmer Biomet Holdings Inc’s knee and hip portfolios, that, as such, the company would not achieve its revenues and profit forecast, and that, as a result of the foregoing, Defendants’ statements about Zimmer Biomet Holdings Inc’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis. Zimmer Biomet Holdings Inc reported that its annual Total Revenue rose from over $4.67 billion in 2014 to over $5.99 billion in 2015 while its Net Income declined from $720.30 million in 2014 to $147.00 million in 2015. Shares of Zimmer Biomet Holdings Inc (NYSE: ZBH) grew from under $70 per share in 2013 to as high as $132.74 per share on October 10, 2016.
Then on October 31, 2016 Zimmer Biomet Holdings Inc announced that it was reducing its full-year forecast for 2016 from a previous estimate of $7.71 billion, Zimmer Biomet Holdings Inc said it now predicts revenues to be between $7.63 billion and $7.65 billion. Following the press release, in a conference call with investors, the defendant Florin stated: “Third quarter revenue was below our expectations, primarily due to execution issues within our large joint supply chain, which led to a degradation in order fulfillment rates late in the quarter as well as our performance in dental. . . . As a consequence, we underestimated demand for certain key cross-sell brands within our existing customer base, leading to a depletion of our safety stocks and also affecting our ability to capitalize on new customer opportunities.” Shares of Zimmer Biomet Holdings Inc (NYSE: ZBH) declined to as low as $95.63 per share on November 14, 2016.