The Shuman Law Firm Investigates Zimmer Biomet Holdings, Inc.
DENVER, CO October 24, 2018 – 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 firstname.lastname@example.org or Mr. Glenn at email@example.com.