A special committee of the board of directors at Johnson & Johnson (NYSE:JNJ) unveiled the results of a probe into shareholder complaints, concluding that the board met its fiduciary responsibilities and recommending the creation of a regulatory and compliance committee to oversee quality control and compliance matters.
Legal News
Former ArthroCare VPs skate on multi-million settlements
Two former executives of ArthroCare Corp. (NSDQ:ATRC) are skating on millions of dollars in penalties as part of settlement agreements for charges that they artificially inflated the company’s stock prices for two years.
With liberty and contraception for all
MASSDEVICE ON CALL — Health insurance providers may have to offer prescription contraception at no up-front cost to women if Health & Human Services secretary Katherine Sebelius accepts the recommendations of the Institute of Medicine.
Medtronic and Stryker sued for California woman’s spine problems
Defendants in $200 million Medicare scam plead guilty
MASSDEVICE ON CALL — Three Miami residents pleaded guilty to playing roles in the $200 million Medicare scam, the largest mental-health clinic con in U.S. history.
Joseph Valdes, 30, a marketer for the company, and James Edwards, 65, a recruiter, admitted to conspiracy to commit health care fraud and illegal kickbacks to patients.
A third defendant, Adriana Mejia, 40, pleaded guilty to money-laundering conspiracy.
Biotronik: J&J ran “sham” recall | Legal Roundup
A Johnson & Johnson (NYSE:JNJ) subsidiary allegedly issued a sham recall of its drug-eluting CoStar coronary stent and spiked a distribution deal with Biotronik AG that cost the German medical device giant $100 million, according to a lawsuit filed in New York’s highest court.
Biotronik accuses J&J subsidiary of “sham” recall
A Johnson & Johnson (NYSE:JNJ) subsidiary allegedly issued a sham recall of its drug-eluting CoStar coronary stent and spiked a distribution deal with Biotronik AG that cost the German medical device giant $100 million, according to a lawsuit filed in New York’s highest court.
Medtronic shells out millions to fake company scam
A California woman pleaded guilty to selling nonexistent merchandise to Medtronic Inc. (NYSE:MDT), scamming millions of dollars out of the medical device goliath over five years.
Jennifer Rutherford, age 40, pleaded guilty to one count of wire fraud in connection with the crime and admitted to devising the scheme, through which she made at least $2.1 million from Fridley, Minn.-based Medtronic.
Johnson & Johnson may face up to $1 billion in lawsuits, analysts say
MASSDEVICE ON CALL — Johnson & Johnson (NYSE:JNJ) could shell out up to $1 billion for lawsuits concerning its subsidiary DePuy Orthopaedics and the metal-on-metal hip implants that were found to shed minute metal particles into a patient’s bloodstream over time.
DePuy, distributor and football player file against Stryker
Stryker Corp. (NYSE:SYK) is fielding legal challenges on two fronts, one from a former distributor and DePuy Spine and another from a Utah man claiming a Stryker pain pump destroyed his shoulder.
Analysts: Will Infuse storm force Medtronic to jettison spine business?
MASSDEVICE ON CALL — Sticks and stones may break Medtronic Inc.’s (NYSE:MDT) bone business, as analysts predict that the growing controversy over the company’s Infuse bone-growth product may lead the medical device giant to shed that arm entirely.