Jury Returns Verdict in RTI vs. BD Lawsuit
FRANKLIN LAKES, N.J., Sept. 20, 2013 /PRNewswire/ -- BD (Becton, Dickinson and Company) (NYSE: BDX) announced today that a jury has returned a mixed verdict in the lawsuit filed against the Company by Retractable Technologies, Inc. (RTI) in the United States Court for the Eastern District of Texas.
The verdict was unfavorable to BD with respect to RTI's Lanham Act claim and claim for attempted monopolization based on deception in the safety syringe market. The jury has awarded RTI $113,508,000 for its attempted monopolization claim (which will be trebled under the antitrust statute). The Court will determine whether to award equitable relief under the Lanham Act including disgorgement.
The jury's verdict rejected RTI's monopolization claims in the markets for safety syringes, conventional syringes and safety IV catheters; its attempted monopolization claims in the markets for conventional syringes and safety IV catheters; and its claims for contractual restraint of trade and exclusive dealing in the markets for safety syringes, conventional syringes and safety IV catheters.
"We're disappointed with the portion of the verdict that favored RTI, and we believe this aspect of the verdict was erroneous," said Jeffrey S. Sherman, Senior Vice President and General Counsel of BD. "We will file an appeal at the earliest opportunity."
In connection with the verdict, BD will record a pretax charge of approximately $340 million (approximately $211 million after taxes and an estimated $1.06 per diluted share) in its 2013 fiscal fourth quarter results. Excluding this charge, BD reaffirms its previously communicated guidance.
For the past two decades, BD has been a pioneer in the effort to protect healthcare workers from the risks of sharps injuries. The Company's commitment includes hundreds of millions of dollars of investment in product development and manufacturing. BD participates in intensely competitive markets to satisfy the clinical and economic needs of healthcare customers throughout the country. BD competes by offering high-quality, innovative products at fair and reasonable prices.
BD is a leading global medical technology company that develops, manufactures and sells medical devices, instrument systems and reagents. The Company is dedicated to improving people's health throughout the world. BD is focused on improving drug delivery, enhancing the quality and speed of diagnosing infectious diseases and cancers, and advancing research, discovery and production of new drugs and vaccines. BD's capabilities are instrumental in combating many of the world's most pressing diseases. Founded in 1897 and headquartered in Franklin Lakes, New Jersey, BD employs nearly 30,000 associates in more than 50 countries throughout the world. The Company serves healthcare institutions, life science researchers, clinical laboratories, the pharmaceutical industry and the general public. For more information, please visit www.bd.com.
Colleen T. White, Corporate Communications – 201-847-5369
Monique N. Dolecki, Investor Relations – 201-847-5378
SOURCE BD (Becton, Dickinson and Company)
Released September 20, 2013