CAH.US
id: 654, Created by Stan Vick, Scout
Cardinal Health (CAH) Investors $109M Settlement
How it works?
- Company agreed to settle with investors to avoid further litigation
- We prepare documents and claim payout for you
Claim deadline for this case already passed by, but we can still try and file for compensation for you
S.D. Ohio
Court2:19-cv-03347
Case number02 Mar 2015
Class period Start02 May 2018
Class period End24 Jul 2023
Claim deadlineCardinal Health (CAH) agreed to settle $109 million with Investors.
The action arose from the Company & its Leaders' alleged misrepresentations and omissions concerning Cardinal's integration of Cordis Corp. in 2015, a medical device manufacturer that Cardinal had purchased from Johnson & Johnson. There were also inventory and supply chain problems at Cordis.
The Complaint alleged that the Company & its Leaders misled investors by stating that Cordis would benefit from Cardinal's advanced inventory management and supply chain information technology solutions. Additionally, they falsely represented that the Company properly "reserve[d] for inventory obsolescence" and that "[i]nventories presented in the consolidated balance sheets [were] net of reserves for excess and obsolete inventory."
As a result of these misrepresentations, Cardinal's shares allegedly traded at artificially inflated prices.
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Filing date
01 August 2019
Plaintiffs
1199 SEIU Health Care Employees Pension Fund
Attorneys
Murray Murphy Moul + Basil LLP (Columbus, OH), Robbins Geller Rudman & Dowd LLP (San Diego, CA)
Defendants
George S. Barrett, Donald M. Casey, Jr., Michael C. Kaufmann, Jorge M. Gomez, David J. Wilson
Judge
Hon. Edmund A. Sargus
Administrator
Gilardi & Co LLC
Court hearing date
11 September 2023
Exclusion deadline
21 August 2023
Objection deadline
21 August 2023
Hearing deadline
21 August 2023
+$109,000,000
Total Settlement Amount