Category: Stryker Biotech
Federal prosecutors drop the charges against former Stryker Biotech president Mark Philip as new evidence crops up in a lawsuit alleging that the company illegally promoted off-label use of combination of two bone growth products and lied to the FDA.
Federal prosecutors dropped all charges against former Stryker Biotech president Mark Philip today in a lawsuit charging him and a clutch of sales reps with illegally promoting the off-label use of 2 bone growth products and of lying to the FDA.
The feds dropped the Philip indictment after reviewing documents that had previously been withheld as privileged, assistant U.S. attorney Jeremy Sternberg said during a pretrial hearing today, according to Bloomberg.
Stryker Corp.'s sales and earnings growth last year may have missed analysts' expectations on Wall Street, but share prices rise anyway.
Although it posted healthy sales and profit growth last year, Stryker Corp. (NYSE:SYK) was a penny shy of analysts' forecasts for adjusted earnings per share, which usually sends investors into a selling spree.
But the Kalamazoo, Mich.-based device maker bucked the trend, as Wall Street sent SYK shares up 3.8%, to $54.94, in early-afternoon trading as of about 2 p.m. today.
Stryker posted $8.31 billion in sales for 2011, 13.5% more than the $7.32 billion it brought in during 2010.
Deaths spur Covidien recall, J&J warned on insulin pumps, Depuy shuts down custom devices, CEOs claim emerging markets, thought-leaders huddle on Riata, more J&J execs deposed and Stryker settles for $15M this week.
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New paths to profit, Medicare fraud arrests and the dismissal of charges against the rest of Stryker Biotech's sales reps made headlines today.
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Federal prosecutors drop all charges against the 2 remaining Stryker Biotech sales reps after the company pleaded guilty to charges of off-label marketing and agreed to pay a $15 million fine.
Federal prosecutors dropped all charges against the 2 remaining Stryker Biotech sales managers charged with illegal off-label promotion and of lying to the FDA.
Judge George O'Toole Jr. of the U.S. District Court for Massachusetts agreed to drop all criminal charges against Jeff Whitaker and William Heppner in a lawsuit charging Stryker Corp. (NYSE:SYK) subsidiary Stryker Biotech with illegally promoting off-label uses of its OP1 bone-growth products.
Stryker Biotech agrees to a $15 million settlement with federal prosecutors on charges that it ran an off-label promotion scheme, pleading guilty to a single misdemeanor count of distributing a mis-branded device.
Stryker Biotech agreed to cough up $15 million and and pleaded guilty to a single misdemeanor today, ending federal charges that it ran an illegal off-label promotion scheme.
Federal prosecutors drop all charges against 1 of the former Stryker Biotech sales reps accused of off-label promotion.
Federal prosecutors dropped all charges against 1 of the former Stryker Biotech sales managers charged with illegally promoting the off-label use of two bone growth products and of lying to the FDA.
Former Stryker Biotech president Mark Philip was named alongside sales managers David Ard, Jeff Whitaker and William Heppner, in a grand jury indictment on charges of wire fraud and conspiracy in 2009. Stryker Corp.'s (NYSE:SYK) biotech arm and Philip were also charged with making false statements to the FDA.
