Intuitive Shareholders File Class Action Suit Accusing Company of Withholding Info About da Vinci Robotic Surgery Complications
Da Vinci robotic surgery complications have not only taken a physical toll on patients exposed to the remote-controlled da Vinci Surgical System, according to a growing number of lawsuits; they may now be starting to take a financial toll as well.
According to MassDevice.com, shareholders for Intuitive Surgical filed a class action lawsuit on May 24th accusing the medical device manufacturer of overstating the safety and effectiveness of the da Vinci Surgical System and inflating the company’s stock price. According to their case, which was filed in the U.S. District Court, Northern District of California, Intuitive “recklessly disregarded” vital safety information related to the da Vinci Surgical System. Officials for Intuitive have since proceeded to post “quarter after quarter of record financial results,” the lawsuit alleges, which led to “fraud-inflated” prices worth millions. (Case No. 3:13-cv-02365-SC)
“The price of Intuitive stock soaring, nearly every senior executive of Intuitive cashed in, collectively selling close to 410,000 shares of their personally held Intuitive stock into the open market at fraud-inflated prices during the Class Period, reaping more than $218.6 million in proceeds,” da Vinci Robot lawyers added.
Complications Lead to Growing Number of da Vinci Robotic Surgery Lawsuits
Not to mention the growing number of procedures done with the da Vinci Surgical System year after year. “Due in large part to what the public has recently learned were disreputable and unsafe practices, the number of U.S. procedures done with the robots grew to approximately 367,000 in 2012, up from 292,000 in 2011 and 228,000 in 2010,” the suit stated.
Approved by the U.S. Food and Drug Administration (FDA) in 2000, the da Vinci Surgery robot is used to aid surgeons in minimally invasive laparoscopic surgeries, including gall bladder removals, hysterectomies, prostate removal, heart surgeries, and thyroid cancer procedures, to name a few.
As of May 2013, court records indicated that over 26 personal injury claims against Intuitive had been filed in U.S. courts. These lawsuits allege surgical burns and tears to arteries and other vital organ as well as excessive bleeding, cut ureters, bowel injuries and even death stemming from use of the remote-controlled robot. Da Vinci Robot lawsuits also claim patient injuries may be caused by Intuitive Surgical’s failure to provide adequate surgeon training in how to operate the devices.
Any suggestion that Intuitive Surgical engaged in inadequate surgeon training or improper certification in order to increase use of the da Vinci robot that resulted in patient injuries is strongly disputed by the company.
According to Bloomberg.com, the cost of the da Vinci Surgical System is tagged between $1 million and $2.25 million, not to mention costs associated with routine maintenance expenses.
Start the Process of Filing a da Vinci Robotic Surgery Lawsuit
If you experienced da Vinci robotic surgery complications, join the dozens of plaintiffs who have already gone on to file lawsuits against Intuitive Surgical. Contact Bernstein Liebhard LLP to learn more about your legal rights today at (877) 779-1414.