NEW YORK–(BUSINESS WIRE)–Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, is investigating potential claims against Stryker Corporation (“Stryker” or the “Company”) (NYSE: SYK) on behalf of Stryker stockholders. Our investigation focuses on whether Stryker violated federal securities laws and/or engaged in other illegal business practices.
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Stryker is a medical technology company that operates through two segments: MedSurg and Neurotechnology and Orthopedics and Spine.
On April 6, 2022, Spruce Point Capital Management (Spruce Point) released a report alleging that Stryker failed to disclose certain material facts to investors regarding its operations. Specifically, Spruce Point said it “finds evidence that Stryker failed to disclose inventory accounting issues and made various changes to accounting policies designed to flatter its performance, using non-GAAP adjustments more important in representing margin stability and earnings growth”. Further, the report states, among other things, that Stryker hid from investors that its true exposure to elective procedures negatively affected by the COVID-19 pandemic was 50% of sales; that a critical ERP project to unify over 40 systems failed miserably; and that stocks of critical materials continue to be hampered by supply chain challenges and inflationary pressures.
Following this news, the price of Stryker shares fell more than 4% in the early morning of April 6, 2022.
If you have purchased or otherwise acquired Stryker stock and suffered a loss, are a long-term shareholder, have information, want to know more about such claims, or have questions about this announcement or your rights or interests in these questions, please contact Brandon Walker or Alexandra Raymond by email at [email protected], by phone at (212) 355-4648, or by by filling out this contact form. There is no cost or obligation for you.