Shares for Stryker Orthopedic dropped 4.94% in one week as the company continues to settle thousands of metal-on-metal hip replacement lawsuits. The drop also came after Stryker director Ronda E. Stryker sold more than $36 million in shares.
Stryker has already set aside more than $1.4 billion to settle thousands of hip implant lawsuits alleging that the company’s hip replacement devices caused serious injuries. The settlement was announced late 2014 prior to a jury trial for the Stryker lawsuits.
Stryker issued a hip recall for its Rejuvenate and ABG II hip replacement systems in 2012 after studies found the devices were much more likely to fail than alternatives. Patients who received the implants complained of severe Stryker side effects, including tissue damage and toxic levels of metal in the blood stream, often severe enough to require revision surgery.