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Zimmer Holdings may have misrepresented to investors the medical problems surfacing regarding the "Durom Cup" medical device.
Investigation Source (Case #08-cv-01041)
- Nationwide
Investigation Scope
Category Information
Investigation Topics
- Investments
- False And Misleading Statements
- Drug Or Medical Device Problem
Product or Service
- Investments
Injury Type
- Monetary Loss
Investigation Details
This is a securities fraud class action lawsuit against Zimmer Holdings Inc and certain officers and directors.
Zimmer manufactures orthopedic surgical products.
The class action complaint charges that Zimmer and certain of its officers and directors violated federal securities laws by materially misrepresenting Zimmer and its products. Specifically, the class action complaint charges that Zimmer Holdings failed to disclose material flaws in the quality systems at Zimmer's Dover, Ohio facility, which manufactured Zimmer Orthopedic Surgical Products. In addition, Zimmer Holdings failed to disclose that patients receiving Zimmer's Durom Acetabular Component, used in total hip replacement procedures, disproportionately experienced cup loosening requiring additional corrective surgery after implantation.
As a result of Zimmer Holdings' materially false and misleading statements, Zimmer Holdings' common stock traded at artificially inflated prices during the Class Period. When the true condition of Zimmer Holdings, its facilities, and its products began to come to light, the price of Zimmer Holdings stock declined, falling from $70.88 to $66.01 per share in one day.
Zimmer manufactures orthopedic surgical products.
The class action complaint charges that Zimmer and certain of its officers and directors violated federal securities laws by materially misrepresenting Zimmer and its products. Specifically, the class action complaint charges that Zimmer Holdings failed to disclose material flaws in the quality systems at Zimmer's Dover, Ohio facility, which manufactured Zimmer Orthopedic Surgical Products. In addition, Zimmer Holdings failed to disclose that patients receiving Zimmer's Durom Acetabular Component, used in total hip replacement procedures, disproportionately experienced cup loosening requiring additional corrective surgery after implantation.
As a result of Zimmer Holdings' materially false and misleading statements, Zimmer Holdings' common stock traded at artificially inflated prices during the Class Period. When the true condition of Zimmer Holdings, its facilities, and its products began to come to light, the price of Zimmer Holdings stock declined, falling from $70.88 to $66.01 per share in one day.
Defendant Details
| Name (Stock Symbol) | Brief Description |
|---|---|
| Zimmer Holdings, Inc. (ZMH) | Zimmer Holdings, Inc., through its subsidiaries, engages in the design, development, manufacture, and marketing of orthopaedic and dental reconstructive implants, spinal implants, trauma products, and related surgical products. |