St. Jude Medical settles Riata, shareholder suits for $64m
February 27, 2015 by Brad Perriello
St. Jude Medical said it settled a raft of product liability lawsuits filed over its Riata and Riata ST defibrillator leads and agreed with shareholders to close out a class action lawsuit brought over its 3rd-quarter 2009 results.
Taken together the settlements are worth nearly $64.3 million, including $14.3 million for the Riata cases and $50 million for the shareholders lawsuit, according to a regulatory filing. Read more
Stryker plans $2B share buyback
March 3, 2015 by Brad Perriello
Stryker said today that its board of directors authorized a share repurchasing program worth up to $2 billion.
Kalamazoo, Mich.-based Stryker said it still has $583 million in stock buybacks authorized under a prior share buyback. Read more
Bellerophon slides 21% after IPO
February 26, 2015 by Mark Hollmer
Bellerophon Therapeutics shares are down nearly 21% since its IPO 2 weeks ago, when the stock in the New Jersey-based drug-device company opened at $10 per share, down 16.7% right out of the gate.
The stock hit $9.50 in late-morning trading today, down 20.8% from a 5 million-share flotation at $12 per share Feb. 13 that raised $60 million for Bellerophon. Read more
SEC settles with banker tied to Olympus accounting scandal
March 2, 2015 by MassDevice
Japanese banker Hajime “Jim” Sagawa settled civil charges last week for his role in a massive accounting fraud cover-up at Olympus (TYO:7733), agreeing to be barred from working in the securities industry, U.S. regulators said.
The Securities & Exchange Commission said that Sagawa, 67, will not be required to pay a penalty due to his strong cooperation during the investigation. Read more