As hundreds of Stryker hip lawsuits continue to move forward in courts around the country, Bernstein Liebhard LLP notes that Stryker recently released its 2014 first quarter earnings report, which among other things, details costs associated with the 2012 recall of Rejuvenate and ABG II Modular Neck Hip Stems.
According to the report, Stryker saw profits drop by 77% during the first quarter of 2014. Among other things, the company set aside an additional $344 million to cover issues related to product recalls, including the Stryker hip recall.
"Last fall, Stryker said that its recalls, including the withdrawal of Rejuvenate and ABG II hip stems, could ultimately cost between $700 million and $1.13 billion. Considering that the litigation surrounding the Stryker hip recall continues to grow, these figures are not surprising," says Bernstein Liebhard LLP, a nationwide law firm representing the victims of defective drugs and medical devices.
The Firm is offering free Stryker hip lawsuit reviews to individuals who allegedly suffered serious complications related to the Rejuvenate and ABG II hip stem recall.
Stryker Hip Recall Stryker recalled its Rejuvenate and ABG II hip stems in July 2012, after the metal hip components were found to be vulnerable to fretting and corrosion at the modular-neck junction. The company has advised those fitted with Rejuvenate or ABG II hip stems to undergo metal ion blood testing and imaging studies to ensure the components are functioning properly, even if they have not experienced any symptoms that would indicate otherwise. According to Stryker, the recalled hip stems may cause recipients to experience pain, swelling, and adverse local tissue reactions.
According to court documents, more than 1,600 Stryker hip lawsuits have been filed in courts around the country since the Rejuvenate and ABG II hip stems were pulled from the market in 2012. These include at least 950 cases that are pending in a multicounty litigation now underway in New Jersey's Bergen County Superior Court, where Bernstein Liebhard LLP is actively filing claims. (In Re Stryker Rejuvenate Hip Stem and the ABG II Modular Hip Stem Litigation, No. 296) At least 699 additional product liability claims relating to the Stryker hip recall have been filed in a federal multidistrict litigation currently underway in U.S. District Court, District of Minnesota. (In re: Stryker Rejuvenate and ABG II Hip Implant Products Liability Litigation, MDL No. 2441) The Stryker hip lawsuits pending in both of these proceedings were filed on behalf of Rejuvenate and ABG II hip stem recipients who allegedly suffered metallosis, adverse local tissue reactions, necrosis, and other complications due to the propensity of the components to fret and corrode. The lawsuits further claim that many of these individuals continue to suffer pain and disability, despite having undergone surgery to replace their failing hip implant.