Coloplast A/S fell the most in almost four years ahead of a joint status conference scheduled tomorrow for thousands of lawsuits in the U.S. against makers of vaginal mesh products.
Humlebaek, Denmark-based Coloplast fell as much as 7 percent, the most since May 5, 2009. It lost 3.8 percent at 1:39 p.m. on trading volume 227 percent of the three-month daily average. It was the worst performer in the benchmark OMX Copenhagen 20 index.
A joint status conference is scheduled tomorrow for lawsuits filed against vaginal mesh producers such as Coloplast, American Medical Systems Holdings Inc., CR Bard Inc. and Boston Scientific Corp, according to law firm Alonso Krangle LLP, which cited a court order dated April 9.
A plaintiff won $7.76 million in punitive damages and $3.35 million in compensatory damages Feb. 28 in a New Jersey Superior Court vaginal mesh case against Ethicon Inc.
“It’s fair to say the number of cases is growing, and it represents a risk,” Klaus Madsen, an analyst at Svenska Handelsbanken, said in a phone interview. “It’s extremely difficult to come up with a qualified estimate on the potential cash flow impact.”
Coloplast cut its sales forecast in January due to the weakening Danish krone and reported first-quarter net income that missed analyst estimates.