NEW YORK, Aug. 23, 2017 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Stryker Corporation ("Stryker" or the "Company") (NYSE: SYK). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, Ext. 9980.
The investigation concerns whether Stryker and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On August 23, 2017, Stryker announced that the Company had informed the U.S. Food and Drug Administration ("FDA") of a voluntary product recall involving specific lots of the Company's Oral Care products distributed between July 2015 and August 2017. Stryker's recall followed a warning letter from the FDA received on July 17, 2017, which described a potential for cross-contamination of Oral Care products manufactured by a third party on equipment shared with non-pharmaceutical products. After receiving reports of minor irritation and allergic reaction, Stryker has discontinued its business relationship with the third-party supplier. Based on the estimated impact of the foregoing issues on sales and operating income, Stryker advised investors that the Company now expects full-year organic sales growth and adjusted net earnings per diluted share to be at the lower end of its previously stated ranges of 6.5% to 7.0% and $6.45 to $6.55, respectively.
On this news, Stryker's share price has fallen as much as $7.81, or 5.37%, during intraday trading on August 23, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
SOURCE Pomerantz LLP