Conmed gets $11M settlement payment |
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Thu, 05 Apr 2007 15:38
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NEW YORK (AP) - Surgical equipment provider Conmed Corp. said Thursday it received a settlement payment of $11 million from Johnson & Johnson, ending its antitrust lawsuit, according to a regulatory filing with the Securities and Exchange Commission.Under the terms of the settlement, which was reached March 31, Conmed agreed to terminate the lawsuit.Excluding legal fees and other costs, Conmed will record a pretax gain in the range of $6.3 million to $6.8 million as a result of the settlement.Conmed filed suit against Johnson & Johnson and several of its subsidiaries, including medical device unit Ethicon Inc., in November 2003 for alleged violations of antitrust laws.The Utica, N.Y.-based company claimed Johnson & Johnson engaged in illegal and anticompetitive practices to market endoscopic surgery products, which allegedly resulted in higher prices and the exclusion of competition.Conmed said it sought an injunction and the maximum amount of damages allowed by law.Shares of Conmed added 11 cents to $30.09 in morning trading on the Nasdaq Stock Market, after hitting a new 52-week high of $30.11 earlier, edging past its prior peak of $30.09.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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