Cardinal Health, Inc. Securities Litigation (2019)

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Lawsuit Overview

Defendant:Cardinal Health, Inc.
Date Filed:August 1st, 2019
Sector:Health Care
Industry:Other Pharmaceuticals

According to the Complaint, Cardinal Health, Inc. is a global, integrated healthcare services and products company.

This action arises from Defendants' alleged misrepresentations and omissions relating to Cardinal's integration of Cordis Corp., a medical device manufacturer Cardinal purchased from Johnson & Johnson in March 2015, and the inventory and supply chain problems at Cordis.

The Complaint alleges that, throughout the Class Period, Defendants misled investors by stating that Cordis would benefit from Cardinal's advanced inventory management and supply chain information technology solutions, and that Defendants also 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 shares allegedly traded at artificially inflated prices throughout the Class Period.

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First Identified Complaint

Louisiana Sheriffs Pension & Relief Fund, et al. v. Cardinal Health, Inc., et al.

Date Filed:August 1st, 2019
Class Period Start:March 2nd, 2015
Class Period End:May 2nd, 2018
First Identified Complaint Filings
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