City of Pontiac General Employee's Retirement System v. Stryker Corporation, et al.
Published: May 19, 2012 | Result Date: Mar. 30, 2012 | Filing Date: Jan. 1, 1900 |Case number: 1:10-cv-00520-GJQ Bench Decision – Dismissal
Court
USDC Michigan
Attorneys
Plaintiff
Samuel H. Rudman
(Robbins, Geller, Rudman & Dowd LLP)
David A. Rosenfeld
(Weinberg, Roger & Rosenfeld PC)
Defendant
Boris Feldman
(Freshfields Bruckhaus Deringer LLP )
Facts
A class action was filed against Stryker Corp., a medical technology company, alleging securities fraud.
Contentions
PLAINTIFF'S CONTENTIONS:
Plaintiffs alleged that defendant achieved its goal of annual earnings growth by failing to keep up with quality and regulatory compliance spending. Further, plaintiffs claimed that defendant did not fully disclose compliance issues and remediation costs following receipt of warning letter by the FDA.
DEFENDANT'S CONTENTIONS:
Defendant argued that the allegations were not meritorious, the safe harbor provision of the Private Securities Litigation Reform Act protected defendant's financial projections, and there was a lack of loss causation.
Result
The court dismissed the lawsuit with prejudice.
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