Inside traders draw jail time in Stryker case
April 10, 2014 by Brad Perriello
A pair of stock traders drew jail time on insider trading charges that they used tips from a former Stryker marketing executive to make illicit trades ahead of the medical device company’s 2011 acquisition of Orthovita.
Lawrence Grum was sentenced to a year and a day and Michael Castelli to 9 months in jail by Judge Katharine Hayden of the U.S. District Court for New Jersey. Read more
Lombard Medical tables U.S. IPO
April 11, 2014 by Brad Perriello
Lombard Medical Technologies said today that it’s tabling a planned initial public offering on the NASDAQ exchange due to adverse conditions in the U.S. stock market.
Lombard, which makes stent grafts to repair abdominal aortic aneurysms, said in late March that it would offer 3.6 million shares at $15-$18 apiece, aiming to raise between $55 million and $60 million from the IPO. Read more
Smith & Nephew pays $12M to settle stockholder lawsuit ahead of ArthroCare buyout
April 10, 2014 by Brad Perriello
Smith & Nephew cleared 1 hurdle to its $1.7 billion acquisition of ArthroCare by agreeing to pay $12 million to settle a stockholder lawsuit seeking to block the deal.
ArthroCare, Smith & Nephew and the deal’s backers “vigorously denied” any wrongdoing alleged in the lawsuit, which was consolidated from 8 complaints lodged shortly after the deal was announced in February, according to a regulatory filing. Read more
St. Jude Medical beats The Street, loses points anyway
April 16, 2014 by Arezu Sarvestani
Minnesota medtech titan St. Jude Medical lost a few points on Wall Street today after posting 1st quarter earnings a penny above analysts’ consensus estimate.
STJ shares dropped as much as 4.5% in morning trading, crawling back up to trade at $61.66 as of about 12:05 p.m. EST, still a 2.6% slide on the day. Read more
Embattled ConMed surges on reports of potential sale
April 16, 2014 by Arezu Sarvestani
Surgical devices maker ConMed got a little Wall Street love after news sources reported today that the company may be up for sale.
Anonymous sources told the Reuters news service that ConMed has begun soliciting interest from larger companies, although there is no guarantee yet that the company will find a buyer or follow through with an exit. ConMed representatives refused to comment on the rumors, Reuters reported. Read more
