A former vice president of sales for Orthofix (NSDQ:OFIX) faces up to 5 years in prison after pleading guilty to federal charges that he helped run a scheme to pay doctors to use the company’s Spinal-Stim and Cervical-Stim bone growth stimulators.
Dentsply International (NSDQ:XRAY) sued the law firm that represented it in a breach-of-contract lawsuit filed against it by Guidance Endodontics that wound up costing Dentsply more than $15 million.
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ArthroCare Corp. (NSDQ:ATRC) settled a shareholders’ lawsuit by agreeing to an $8 million payment from its insurers, more than a quarter of which will go to the plaintiffs’ lawyers, according to court documents.
The Austin, Texas-based surgical device maker copped in 2009 to a scheme by which personal injury lawyers would refer patients to doctors who would then use one of ArthroCare’s spinal surgery devices. The 2009 announcement also detailed restated earnings for the previous four years.
Analysts at a trio of investment advisory firms downgraded their estimates for C.R. Bard (NYSE:BCR) stock, which hasn’t fared well recently.
A former Smith & Nephew (NYSE:SNN) executive wants a Tennessee federal court to force the company to cough up documents detailing its sales to the U.S. government as part of his whistleblower lawsuit accusing the firm of breaking the Trade Agreements Act.
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.
A former sales rep for Exactech Inc. avoided prison but landed five years’ probation and $56,000 in fines after pleading guilty to setting up a kickbacks scheme to encourage orthopedic surgeons to use the company’s hip and knee implants.
Judge Garrett Brown of the U.S. District Court for New Jersey handed down the sentence to Douglas Donofrio, the former New York-area sales director for the Gainesville, Fla.-based company. Donofrio pleaded guilty to running the scheme between 2002 and 2008.
Xoft Inc. could turn out to be a lot more expensive for iCad (NSDQ:ICAD) than the $1 million in cash and the 8.47 million shares of stock it paid for the oncology device manufacturer late last year.
Its Guidant Corp. subsidiary delivered a rare bit of good news for Boston Scientific Corp. (NYSE:BSX), after a federal judge in California once again tossed a would-be class-action lawsuit over recalled Guidant pacemakers.
Judge Manual Real of the U.S. District Court for Central California granted a Guidant motion to dismiss the case, ruling that “all plaintiff’s state law claims are preempted by federal law,” according to court documents.