Medical device manufacturer Stryker Corporation has approved buying back $2 billion worth of its own stock in a move that may indicate the company’s struggles with a slow orthopedic market and recent lawsuit settlements. In late 2014 Stryker agreed to pay more than $1.4 billion to settle faulty hip replacement lawsuits alleging that its metal-on-metal hip replacements caused serious injuries.
Thousands of patients filed Stryker lawsuits alleging that two of the company’s metal hip implants, the Stryker Rejuvenate and the Stryker ABG II, caused serious injuries. Stryker issued a hip replacement recall for the Rejuvenate and ABG II in 2012, but patients continued to suffer from complications that required revision surgery.
Patients who received a Stryker hip implant and required revision surgery may still be eligible to file a Stryker lawsuit against the company.