Metal Hip Maker Notes $99 Million Stryker Recall Charge in 4Q 2013 Earnings Report
A metal hip manufacturer saw $99 million in Stryker recall charges reflected in its fourth-quarter earnings for 2013, representing a 43% decrease from the year before when costs related to the Rejuvenate and ABG II modular-neck hip stems almost doubled that, according to MarketWatch.com.
A January 22nd report shows that Stryker Corp. recorded $174 million in product recall costs for the fourth quarter of 2012, just a few months after taking two of its metal hips off the market that were shown to fret and corrode at their modular-neck junction. Following the company’s announcement, which was issued on July 6, 2012 after some 20,000 devices were sold by Stryker in the U.S., recipients have been advised to undergo routine blood testing and cross-sectional imaging to monitor for elevated metal ion levels in the blood stream. Even asymptomatic patients are not exempt from this recommendation, however, as individuals not showing signs of premature device failure have been shown to experience complications.
Although the company does not disclose the specifics of last year’s Stryker Rejuvenate recall expenses, it is possible that the cost to defend hundreds of hip replacement lawsuits now filed over the devices may have played a contributing role. In a consolidated proceeding underway in New Jersey’s Bergen County Superior Court, over 640 lawsuits against Stryker have been filed by individuals who allegedly experienced pain, swelling, metallosis and other injuries stemming from the recalled hips.
Stryker Recall Lawsuits Top 1,100
At the federal court level, a recent Case List update showed that 512 product liability lawsuits involving the Stryker Rejuvenate and ABG II modular-neck hip stems were pending in a federal multidistrict litigation established in the U.S. District Court, District of Minnesota as of January 15. (In re: Stryker Rejuvenate and ABG II Hip Implant Products Liability Litigation, MDL No. 2441) Cases filed in both these proceedings similarly allege that the manufacturer failed to provide adequate warning to doctors and patients about the risks associated with the metal hip devices prior to issuing the 2012 recall. As a result, thousands of individuals may have experienced the painful and debilitating side effects associated with premature failure of the devices, which lawsuits say were designed defectively.
Filing a Stryker Lawsuit? Let Us Represent You.
The attorneys at Bernstein Liebhard LLP will walk you through the legal process of filing a lawsuit over the Stryker Rejuvenate and ABG II modular-neck hip stems. Call the Firm today for a free evaluation of your case at (877) 779-1414.