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CAH.US
id: 654

Cardinal Health (CAH) Investors $109M Settlement

The settlement funds have been distributed to claimants.
$109,000,000
Cash Settlement
S.D. Ohio
Court
2:19-cv-03347
Case number
03/02/2015
Class period Start
05/02/2018
Class period End
07/24/2023
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.
Case Type
US Securities Class Action
Case Status
Disbursed
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Filing date
08/01/2019
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
09/11/2023
Exclusion deadline
08/21/2023
Objection deadline
08/21/2023
Hearing deadline
08/21/2023
Trades matching type
FIFO
Disbursement date
06/24/2025

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