Law360: $109 Million Recovery in Cardinal Health Case Approved by Court

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September 14, 2023

On September 13, 2023, a $109 million settlement in a securities fraud class action against Cardinal Health, Inc. and certain of its former officers received final approval from the U.S. District Court for the Southern District of Ohio. The case was led by lead plaintiff 1199SEIU Health Care Employees Pension Fund.

Partner Spencer A. Burkholz, who served as lead counsel in the case, told Law360 the settlement is “a great outcome for the class and is directly a result of 1199SEIU’s determined pursuit of this case on behalf of all investors who were impacted.”

The lawsuit arose from Cardinal Health’s 2015 acquisition and integration of Cordis Corporation from Johnson & Johnson. During the class period, defendants allegedly failed to disclose that Cordis faced inventory and supply chain issues that were negatively impacting Cordis’s financial performance. When the truth about Cordis was revealed, Cardinal Health’s stock price declined.

Lead plaintiff 1199SEIU Health Care Employees Pension Fund was represented by Robbins Geller attorneys Spencer A. Burkholz, Tor Gronborg, Laurie L. Largent, Laura M. Andracchio, Ellen Gusikoff Stewart, Jennifer N. Caringal, J. Marco Janoski Gray, Christopher R. Kinnon, and Megan A. Rossi.

Read the full Law360 article here: https://www.law360.com/articles/1721405/cardinal-health-investors-get-final-ok-for-109m-settlement

About Robbins Geller

Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex litigation firms, representing plaintiffs in securities fraud, shareholder derivative, antitrust, corporate takeover, and consumer fraud and privacy cases. With 200 lawyers in 9 offices, Robbins Geller is one of the world’s largest plaintiffs’ firms, and the Firm’s attorneys have obtained many of the largest securities, antitrust, and consumer class action recoveries in history.

The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering over $1.75 billion for investors in 2022. This is the third consecutive year in which the Firm topped these rankings. The Firm’s attorneys secured the largest-ever securities fraud class action settlement – $7.2 billion – in In re Enron Corp. Securities Litigation.

For media inquiries, please contact media@rgrdlaw.com or call (619) 338-3821.

Louisiana Sheriffs’ Pension & Relief Fund v. Cardinal Health, Inc., No. 2:19-cv-03347, Opinion and Order (S.D. Ohio Sept. 13, 2023).

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