Wright Medical jumps on $240m hip settlement, Q3 results (MassDevice)
Wright Medical (NSDQ:WMGI) shares are up nearly 4% today after the orthopedics company yesterday said it inked a $240 million settlement this month for nearly 1,300 product liability lawsuits brought over its metal-on-metal hip implants and released 3rd-quarter earnings that beat expectations on Wall Street.
Wright, which lost an $11 million verdict in the 1st Conserve bellwether suit last year (the company is still litigating that decision), said it will pay $180 million in cash and cover the remaining $60 million with insu...
