Johnson & Johnson Takes $3 Billion Dollar Fourth Quarter Charge
February 19, 2012
Johnson & Johnson, the parent company of DePuy Orthopedics recently took a fourth quarter charge of over $3 billion dollars related primarily to their voluntary recall artificial hip implants—the DePuy ASR Acetabular System and the ASR Hip Resurfacing System. The recall took place in August of 2010, after the FDA had received incident reports regarding the DePuy metal-on-metal hip implants for over two years. Approximately one in eight patients—and possibly more—will require a hip revision surgery to remove the faulty DePuy device and replace it with another hip implant device. Unfortunately, most patients have a longer recovery time and more medical issues related to the second revision surgery than they did with the first.
The DePuy recalled devices implement a specific metal-on-metal hip replacement construction which has been shown to shed metal fragments into the bloodstream and surrounding tissues, causing potentially disabling injuries. These metal fragments can lead to cobalt and chromium toxicity or poisoning. Chromium poisoning symptoms are much the same as those of cobalt poisoning, including brain damage, irregularities of the heart, and even seizures. Cobalt poisoning may even be a contributor to cancer and any form of heavy metal toxicity is not to be taken lightly.
The $3 billion dollars will be set aside for the patients who were harmed by the DePuy devices as well as their attorneys who are involved in this growing product liability litigation. Wall Street’s forecasted stock earnings for the DePuy Company had been estimated to be around $5.21 per share however DePuy’s own company forecast estimates $5.05 to $5.15 per share. Even so, Johnson & Johnson reported better than hoped for fourth-quarter earnings due in part to favorable taxes and the sale of some new prescription drugs. Johnson & Johnson’s global sales for the last quarter of 2011 was a staggering $16.26 billion dollars, making it difficult for those injured by the hip recall device to feel much sympathy for the pharmaceutical giant
Finding a Qualified Product Liability Attorney
Although DePuy is encouraging those who have suffered injury from the DePuy metal-on-metal hip replacement device to contact them and file for reimbursement, those who do so are very unlikely to receive the kind of compensation they deserve for their DePuy hip implant failure. Should you hire an experienced lawyer to file a lawsuit on your behalf, you are much more likely to receive reimbursement for all medical expenses as well as for your travel expenses, lost wages and any pain and suffering you have undergone as a result of the DePuy metal-on-metal hip replacement.
A qualified attorney will be well aware of the statute of limitations deadlines in cases like this and understand that missing those deadlines can result in permanent relinquishment of your right to bring suit against DePuy. Moreover, a law firm with a competent staff can provide you with the information you desperately need as well as guide you through the lawsuit process, advising you on the best way to move forward with your claim regarding the DePuy hip implant failure. A knowledgeable attorney should be able to coordinate with you and your physician to ensure you receive the medical care you need and deserve and will fight aggressively for the highest compensation possible.