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Stryker Corporation Hit by Investor Lawsuit

 

If you purchased common stock of Stryker Corporation (NYSE:SYK) between January 25, 2007 and November 13, 2008, you have certain options and there are strict and short deadlines running. Deadline: March 12, 2010. Those SYK investors and current long term investors in SYK should contact the Shareholders Foundation, Inc.

You may contact us by using this form, or by sending an email to mail@shareholdersfoundation.com, or calling us at (858) 779-1554.

Company Name(s): 
Stryker Corporation
Case Name: 
Stryker Corporation shareholder class action 01/15/2010
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: SYK
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
01/15/2010
Class Period Begin: 
01/25/2007
Class Period End: 
11/13/2008
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
03/12/2010
Summary: 

An investor in Stryker Corporation (Public, NYSE:SYK) filed a lawsuit in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock of Stryker Corporation (NYSE:SYK) between January 25, 2007 and November 13, 2008, over alleged violations of Federal Securities Laws by Stryker Corp. and others.

According to the complaint the plaintiff alleges that Stryker 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 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.

Stryker Corporation, located in Kalamazoo, MI, is a medical technology company with a range of products in orthopaedics 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 (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.

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