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CAH.US
id: 654

Cardinal Health (CAH) Investors $109M Settlement

It is still possible to file a late claim. The court will decide whether to accept late claims or not.
S.D. Ohio
Court
2:19-cv-03347
Case number
02 Mar 2015
Class period Start
02 May 2018
Class period End
24 Jul 2023
Claim deadline
Cardinal 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
Cash Settlement Amount

Cardinal Health Inc

Cardinal Health, Inc. operates as a healthcare services and products company in the United States, Canada, Europe, Asia, and internationally. It provides customized solutions for hospitals, healthc...

    Ticker
    CAH.US
    ISIN
    US14149Y1082
    CIK
    721371
    Sector
    Healthcare
    Industry
    Medical Distribution
    Country
    USA
    Address
    7000 Cardinal Place, Dublin, OH, United States, 43017