NEW YORK, Jan. 22, 2010 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers Stryker Corporation ("Stryker" or the "Company") (NYSE:SYK) stock during the period between January 25, 2007, through November 13, 2008, inclusive (the "Class Period") for violations of the federal securities laws.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Stryker common stock during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by March 16, 2010. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The Complaint charges that Stryker, a medical technology company, and certain of its executives and officers violated federal securities laws by failing to disclose material adverse facts about the Company's true financial condition, business and prospects. Specifically, the Complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that defendants violated federal regulations regarding the manufacture of medical devices, subjected Stryker to unnecessary risks of sales disruptions, lower revenues and product liabilities due to product recall, and hid hundreds of millions of dollars of additional compliance costs both prior to and during the Class Period, allowing defendants to falsely report and/or project 20%+ earnings growth for Stryker during 2006, 2007 and 2008.
According to the complaint, after an investor conference on November 13, 2008 hosted by Credit Suisse when Stryker revealed that it was still losing revenues and customers as a result of a January 2008 hip product recall, the value of Stryker's stock declined significantly.
The Brualdi Law Firm, P.C. is New York, New York based law firm that dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, with a particular emphasis on sophisticated class action litigation in the securities, and antitrust areas as well as corporate derivative suits. More information about the firm is available through its website, www.brualdilawfirm.com, and upon request from the firm.
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