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| Seal of the United States Department of Justice (Photo credit: Wikipedia) |
Stryker Corp, an orthopedic device manufacturer headquartered in Kalamazoo, MI, offered the United States Department of Justice $33 million last month to resolve allegations regarding marketing practices of the OtisKnee device.
In 2010, Stryker received two subpoenas from the U.S. Department of Justice regarding the marketing of its OtisKnee and PainPump devices.
Stryker Corp. aquired OtisMed, a software technology firm, in 2009 for $103 million. OtisMed Corp., now a subsidiary of Stryker Corp., focuses on customizable instrumentation that was designed to help surgeons custom fit, or "custom cut" Stryker knee implants such as the Triathlon Knee System. This "custom cut" sought to produce higher success rates of a Total Knee Arthroplasty.
The company recognizes that this offer is preliminary and it is indefinite as to whether a "resolution will be reached". Stryker's filing, signed by interim CEO Chris Hartman, with the Securities and Excahnge Commission stated, "We recently entered into discussion with the DOJ regarding the potential settlement of this matter, and on May 31, 2012, we offered $33 million to the DOJ." The company claimed that the $33 million represented "our best estimate of the minimum of the range of probable loss to resolve this matter," but there is no assurance the USDOJ will accept this offer.
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In 2010, Stryker received two subpoenas from the U.S. Department of Justice regarding the marketing of its OtisKnee and PainPump devices.
The DOJ sent the subpoena alleging violations of laws prohibiting sales of a medical device not cleared for marketing by the FDA (Food and Drug Administration).
Stryker Corp. aquired OtisMed, a software technology firm, in 2009 for $103 million. OtisMed Corp., now a subsidiary of Stryker Corp., focuses on customizable instrumentation that was designed to help surgeons custom fit, or "custom cut" Stryker knee implants such as the Triathlon Knee System. This "custom cut" sought to produce higher success rates of a Total Knee Arthroplasty.
The company recognizes that this offer is preliminary and it is indefinite as to whether a "resolution will be reached". Stryker's filing, signed by interim CEO Chris Hartman, with the Securities and Excahnge Commission stated, "We recently entered into discussion with the DOJ regarding the potential settlement of this matter, and on May 31, 2012, we offered $33 million to the DOJ." The company claimed that the $33 million represented "our best estimate of the minimum of the range of probable loss to resolve this matter," but there is no assurance the USDOJ will accept this offer.
For more information see these related articles:
CONTACT US TODAY
If you have suffered serious injuries from a knee or hip implant, contact Jon Mann of Pittman, Dutton & Hellums toll-free at 866.515.8880 or by email for a free case evaluation. PDH has the resources to help navigate you through the judicial system and the experience to protect your rights.
