The Shuman Law Firm Investigates Zimmer Biomet Holdings, Inc.
October 24, 2018
DENVER–(BUSINESS WIRE)–The
Shuman Law Firm announces that it is investigating potential
shareholder claims against certain officers and directors of Zimmer
Biomet Holdings, Inc. (“ZBH” or the “Company”) (Nasdaq: ZBH).
ZBH designs, manufactures, and markets musculoskeletal healthcare
products.
The Firm’s investigation concerns allegations raised in a class action
complaint filed against the Company and certain of its senior officers
and directors. The lawsuit alleges that these defendants made materially
false statements relating to the financial performance of ZBH during the
summer and fall of 2016 by concealing compliance issues at a key
factory. Specifically, on November 8, 2016, ZBH announced that the
Company’s product shortages were the result of a “disastrous” FDA
inspection of its North Campus location in Warsaw, Indiana and the
deficiencies it uncovered. The FDA later made public its findings in a
Form 483, which detailed eight observations the agencny determined
needed correction, including, among other things: (i) a failure to
adequately establish procedures to control product that does not conform
to specified requirement; and (ii) failure to adequately establish
procedures for corrective and preventive action for nonconforming
products. Some of the FDA’s deficiency observations had been repeat
issues dating back to 2011. When this information was made public, the
Company’s stock fell approximately 14%.
If you currently own ZBH common stock and are interested in discussing
your rights, or have information relating to this investigation, please
contact Kip B. Shuman or Rusty E. Glenn toll free at (866) 569-4531 or
email Mr. Shuman at kip@shumanlawfirm.com
or Mr. Glenn at rusty@shumanlawfirm.com.
The Shuman Law Firm represents investors throughout the nation,
concentrating its practice in stockholder litigation.
Contacts
The Shuman Law Firm
Kip B. Shuman, Esq., 866-569-4531
kip@shumanlawfirm.com
ot
Rusty
E. Glenn, Esq., 866-569-4531
rusty@shumanlawfirm.com
or
Fax:
303-536-7849
Web: www.shumanlawfirm.com