Bard Execs Sell Off Stock, Make No Promises to Investors

//Bard Execs Sell Off Stock, Make No Promises to Investors

Bard Execs Sell Off Stock, Make No Promises to Investors

aaabard logoSleek Money reports (here) that  the Chief Operating Officer for C.R. Bard, John H. Weiland sold off 13,616 shares of company stock on Tuesday, February 17. With the stock selling at $174.51 a share, it brought Mr. Weiland $2,376,128.16, according to the report.  The sale was disclosed in a SEC filing. See it here.

John Weiland, COO Bard

John Weiland, COO Bard

The COO currently owns 87,822 shares with an approximate value of $15,325,817.22.

52-week low for the stock is $132.81 and the high is $180.35.

According to the article, several analysts reiterated a “hold” rating on the stock.

Meanwhile WKRB News reports C.R. Bard VP John P. Groetelaars sold 4,566 shares of the company on Thursday, February 19th. The value of the transaction was approximately $3,520,839.42 with an average price of of $175.14.

Besides transvaginal mesh, C.R. Bard of Murray Hill, NJ makes surgical, diagnostic and medical devices.

According to a transcript from a 3Q conversation on earnings in October 26,2011, transvaginal mesh makes up 1-2% of the company’s profits.

Cartoon courtesy JadeR

Cartoon courtesy JadeR

Legal Proceedings – Women’s Health Products

According to its SEC filing released Feb. 18, 2015 (see it here), concerning women’s health products, “as of February 9, 2015, product liability lawsuits involving individual claims by approximately 14,090 plaintiffs have been filed against the company in various federal and state jurisdictions alleging personal injuries associated with the use of certain of the company’s surgical continence products for women. In addition, five putative class actions in the United States and four putative class actions in Canada have been filed against the company (all lawsuits, collectively, the “Women’s Health Product Claims”). The Women’s Health Product Claims generally seek damages for personal injury resulting from use of the products. ”

bard avaultaIn July 2012, the Christine Scott case naming the Bard Avaulta resulted in a judgment against the company of approximately $3.6 million. That survived an appeal in November 2014. The company has since filed to have the Scott case heard before the California Supreme Court.  The Cisson case in July 2013 resulted in a $2 million award, which has been appealed.


“During the third quarter of 2013, the company settled one MDL case and one New Jersey state case. In addition, during the third quarter of 2013, one MDL case was voluntarily dismissed with prejudice.”

Judge Joseph Goodwin

Judge Joseph Goodwin

Bard was ordered by Judge Joseph Goodwin, who heads multidistrict litigation in his federal courtroom in Charleston, WV, to prepare 200 then 300 additional cases for trial.  In its SEC filing, the company warns investors these orders resulted in significant addition litigation-related costs to the company.

During the second quarter of 2014, Bard agreed to a settlement with two plaintiffs’ law firms concerning 500 cases. It settled an MDL case scheduled for May 2014.

At the end of 2014, a settlement was reached concerning 25 cases. Most recently the Debra Wise case was settled by Bard for an undisclosed amount. A state court trial is scheduled for April, 2015 in Missouri. The National Law Journal reports Motley Rice and Blasingame Burch Garrard & Ashley are the co-lead counsel in Bard litigation who are involved in settlement talks with Bard.

“She is working as a special master—a go-between person who will be able to talk more freely, but under court protection, with both defendant and plaintiffs and help put together a resolution if possible with Bard,” Rice said to the journal.

Meanwhile, there are 1,800 pending claims which have not yet been filed.

Ellen K. Reisman Arnold and porter special masterSpecial Master to Oversee Settlements

On February 12, , Judge Goodwin appointed special master Ellen K. Reisman, of Los Angeles (Arnold & Porter) to oversee negotiations concerning settlements with both sides (Order # 166). Reisman was the person who brought AMS (Endo Pharmaceutical) to the negotiating table (MDL #2325) to reach settlement agreements that are expected to resolve substantially all of AMS’s pelvic repair system products cases.

The same day Judge Goodwin issued a pretrial order (#165) concerning upcoming product liability lawsuits filed over Bard’s transvaginal mesh. Since Waves of cases [Wave 1 and Wave 2] have been formed, naming Bard, with 50 cases each that will now be selected for trial.   To be eligible, a plaintiff must have been filed on time along with a Plaintiff Profile Form and Census Spreadsheet. Also plaintiffs whose cases could be expected to be transferred or remanded to District Court in Hawaii, Alaska, Washington, Oregon, California, Arizona, Nevada, Idaho and Montana shall not be selected.

Any remaining briefs in Wave 1 and Wave 2 are due by March 3, 2015.

Hernia Mesh 

At present there are “about 80 federal and 45 state lawsuits involving individual claims by approximately 125 plaintiffs, as well as three putative class actions in the United States are currently pending against the company with respect to its Composix® Kugel® and certain other hernia repair implant products (collectively, the “Hernia Product Claims”). The company voluntarily recalled certain sizes and lots of the Composix® Kugel® products beginning in December 2005.”

The Composix® Kugel® lawsuits were transferred into one Multidistrict Litigation (“MDL”) for coordinated pre-trial proceedings in the United States District Court for the District of Rhode Island.

“In June 2011, the company announced that it had reached agreements in principle with various plaintiffs’ law firms to settle the majority of its existing Hernia Product Claims. Each agreement was subject to certain conditions, including requirements for participation in the proposed settlements by a certain minimum number of plaintiffs. In addition, the company continues to engage in discussions with other plaintiffs’ law firms regarding potential resolution of unsettled Hernia Product Claims, and intends to vigorously defend Hernia Product Claims that do not settle, including through litigation.”

NuVia SI Pelvic Floor Repair Kit 

Nu Via SI system kit  Bard newest launch

According to a conversation on earnings Q3 2011 (here) Bard planned to introduce its newest pelvic floor repair kit, the NuVia SI single incision by 2012 to the U.S. in 2012. That never happened. Instead, Bard launched the transvaginal mesh kit in Europe.

The National Law Journal reports the larger pore, lightweight mesh kit was developed under something called the Web/WebTO project. Plaintiffs’ firms have launched discovery into the project which resulted in the development of mesh products to be used overseas. Bard has objected to the discovery request, reports the journal.

The  company states the lighter weight mesh products were not designed to correct any alleged design flaws with the Avaulta line of products, which have since been taken off the market. #


By | 2015-02-22T16:45:52+00:00 February 22nd, 2015|News|44 Comments

About the Author:

I’m National News Editor, Jane Akre and I began Mesh Medical Device News Desk aka Mesh News Desk (MND) in the summer of 2011 just after the Food and Drug Administration issued an explicit warning to the public that complications associated with surgical mesh used for prolapse repair (POP) and incontinence (SUI) are NOT rare! That was the starting point for the litigation you see today and thousands of lawsuits have been filed by women whose lives have been altered, some permanently, by the use of this petroleum-based product.


  1. stopmeshimplants February 22, 2015 at 4:51 pm - Reply

    Not surprised. Just disgusted that we are all being told there is no money to get us the medical surgeries and care we need in order to live.

  2. sandy February 22, 2015 at 6:03 pm - Reply

    Ya it’s what I said the executives will be rich and live good while we are thrown into poverty and die terrible deaths .

  3. sandy February 22, 2015 at 6:09 pm - Reply

    Almost makes me afraid that they know something we don’t about the stability of the company I just praise to God that other companies don’t follow suit what a crime what a sickening crime

  4. sandy February 22, 2015 at 6:09 pm - Reply

    Pray not praise

  5. msm February 22, 2015 at 8:59 pm - Reply

    A “special master” has been appointed in the Bard MDL. That is usually to oversee a settlement process. Here’s the link to the order.

    • Hal Lewis February 23, 2015 at 10:18 am - Reply

      THIS is the special master… and she has 100% been brought in to work out a SETTLEMENT with Bard.

      We now just need to hope that she can force them to put every damn dollar on the table that they can spare without going bankrupt.

      • Msm February 23, 2015 at 10:48 am - Reply

        Because she is also handling the AMS settlement(s), I would question her workload. One person can only do so much. It seems that this will slow down the AMS process tremendously.

    • Jane Akre February 23, 2015 at 11:00 am - Reply

      Thank you msm… I added that to the story. Very smart of you.

      • Msm February 23, 2015 at 3:25 pm - Reply

        Thanks Jane. As you know, the AMS cases are far from” settled” and negotiations are ongoing so it hardly seems appropriate to appoint the same person to oversee settlements for both MDLs. Her duties don’t stop when a settlement is reached, but increase and continue until the last dollar is distributed. That could be years if any plaintiffs appeal to her. I just don’t see how that’s going to move things along. I’ll stop before this becomes a full-blown rant. Thanks for all you do .

  6. Still Suffering February 23, 2015 at 12:23 am - Reply

    I didn’t know the executives could cash millions of dollars of their own stock when they are currently in litigation. They can do that?

  7. Toni February 23, 2015 at 12:55 am - Reply

    Wow they are making billions of dollars on the backs of women suffering from there products. Guess they can sleep at night. They must have some sort of blinders and superhuman strength to know that they have done so much harm to women. But yet they com out with billions Wow I live with daily pain its much like the worst pain I ever had during the time when I had periods . I never had many bad days when I was still had period. But once in a while I would have a horrible time. Well I can say now it is like having those every day of my life. Not a lot of fun. These CEO’s should be put in prison and not allowed to profit from what they have done . It is so wrong for all of us to suffer while they live the high life. Where is the justice in this?What has happened here that we can’t or don’t deserve justice. I am crying out for some sanity and justice. But these dam CEO’s don’t give a shit about us or anyone but their pocketbooks’ pathetic huh. Hang them by their dicks see how it feels.

    • kitty February 23, 2015 at 1:54 am - Reply

      That is the pain that that awakens me at night–what goes around comes around

      I myself..must have done something terribly wrong to be suffering like this. I pray for their souls. They too will have to face justice someday.

    • All Meshed Up March 4, 2015 at 9:13 am - Reply

      They are making money on the backs of MEN and WOMEN. Not only from Gynecological Mesh but HERNIA Mesh also! This is not just about women and gynecological mesh! Women get Hernia Mesh and get permanently harmed as well. Please try to remember us Hernai Mesh Victims when you make blanket statements about who gets hurt! Sick of having to continuely remind people that there is more to Mesh than womens gynecological mesh damage.

  8. Disgusted February 23, 2015 at 9:55 am - Reply

    Sickening isn’t it? Like Hal Lewis said “Life isn’t fair”. I think we should be allowed to sue these CEO’s/COO’s and all who are responsible for what they have done to us. They can watch their companies fail, with no conscience. The little guy in the company loses his job and probably isn’t aware of the big picture. If my child took my car and caused a tragic accident I’d be liable and my estate could be sued, beyond what my insurance covers. Even 401k’s would not be safe. Why is this different? I am happy that someone has taken the initiative and is suing J&J and lawyers/doctors under the RICO statute. It’s about time. I hope they win! All the corporations should be seeing the same suits. They have committed criminal acts and should be held accountable to the full extent of the law. Oh yeah, what law? We all know there is a cover up. That they didn’t even use medical grade material. It has been shown in the courts that the products are defective. But it is in civil court. This needs to be in criminal court. OJ Simpson was prosecuted and won. He lost in the civil court system. He had two trials. Why can’t we??

  9. Ana February 23, 2015 at 11:29 am - Reply

    Hal could you tell me what’s going on with the cases in New Jersey. Will they have trials or will they just wait to settle this whole thing is confusing me.

    • cybil February 23, 2015 at 12:12 pm - Reply

      Hi, Ana – Did you have your surgery in NJ? I had mine at Morristown Memorial – is that where you did yours? Who was your surgeon, if you don’t mind answering. Thank you.

  10. Diane Elliott February 23, 2015 at 1:06 pm - Reply

    Good to have you back Jane.

  11. Ana February 23, 2015 at 3:58 pm - Reply

    No Cybil i had mine in New York City.

    • cybil February 23, 2015 at 6:28 pm - Reply

      Hi, Ana – Thanks for reply! I guess New York City or NJ or anywhere else – we’re ALL in the same boat UNfortunately. So many corrupt doctors across the Nation.

  12. karen February 23, 2015 at 7:41 pm - Reply

    Thank you Jane u are one of those angles !!!

    I’m a witness . I know God’s (will)!!! So out loud we must pray for our Billions from these Butchers. I pray 105 time a day and that’s not enough, but I know God and his angels listens everyday to us and We Women will win . Be very positive . God Bless Us All.

  13. Tammy February 23, 2015 at 9:36 pm - Reply

    Amen Karen, Trust in the Lord. Truth will come out. Is there any mesh women going to WV, Johnson and Johnson trail, March 2? I know a couple of us are going…..God bless you all…

  14. Jane Akre February 23, 2015 at 10:06 pm - Reply
    • Msm February 23, 2015 at 10:35 pm - Reply

      Jane, if the Bard execs are selling because they know that the company is about to lose big in a settlement, wouldn’t illegal insider trading be an issue? They disclosed publicly in the required SEC docs that the mesh litigation exists, but the public could not know if a settlement is in the works or what it is about to cost the company. Considering the recent orders in that MDL suggesting a settlement….. just makes one wonder if it’s legal….maybe it is…. interesting….

  15. Terri February 23, 2015 at 10:42 pm - Reply

    Hal, Jane even.. What the heck is going on? My product is not Bard, but this seems very wrong

    $BCR: Insider Selling: C.R. Bard VP John P. Groetelaars …

    Feb 20, 2015

    C.R. Bard logo C.R. Bard (NYSE:BCR) VP John P. Groetelaars sold 4566 shares of the company’s stock in a transaction dated Thursday, February 19th. Continue reading at WKRB News: …

  16. Terri February 23, 2015 at 10:46 pm - Reply

    This is all from Cafe Pharma. Notice what is posted between the notices of those selling stock?

    Bard Avaulta Mesh Injury Cases Heading to Settlement …

    Feb 18, 2015

    U.S. District Judge, John Goodwin, who presiding over all federal vaginal mesh lawsuits has appointed a Special Master to forge settlement talks between C.R. Bard and women who allege the mesh and bladder sling company’s products left …

    $BCR: Insider Selling: CR Bard CEO Sells 6284 Shares of …

    Feb 18, 2015

    CEO Timothy M. Ring sold 6284 shares of the company’s stock in a transaction dated Tuesday, February 17th.

    C.R. Bard Transvaginal Mesh Lawsuit News: Settlement …

    Feb 18, 2015

    The Firm is representing numerous women who have filed transvaginal mesh lawsuits against C.R. Bard, Inc. in the same federal litigation. New York, New York (PRWEB) February 18, 2015. C.R. Bard Inc. has agreed to settle a bellwether …

  17. kitty February 24, 2015 at 1:47 am - Reply

    Didn’t Martha Steward go to prison for this same kind of insider trading?

    • Nancy s June 23, 2016 at 8:30 am - Reply

      As I read the article I was thinking the same thing. Wasn’t Martha put in prison for this. I have just had surgery for the bladder sling that ended up in my vagina and “bent my urethra, closing the lid. I lost 22 weeks n 2 weeks. I have been carrying this around for years. Amazing. Words of advice?

  18. sandy February 24, 2015 at 8:38 am - Reply

    well something is definitely going on for all these people to be selling stock and yes it should be legal for them to do that while their company is faced with lawsuits who can give us information on this and who can we complain or make objections to this is ridiculous these people get to go home to their fancy houses and sleep soundly free from pain free from worry about their bodies giving outwhile hundreds and thousands of women suffer each day and night

  19. sandy February 24, 2015 at 8:39 am - Reply

    illegal not legal sorry guys my phone is really bad now days just one more thing although how little it is I can’t even afford a new phone and it’s my only way of communicating to the outside world

  20. Terri February 24, 2015 at 8:48 am - Reply

    I don’t quite understand what the deal is with Morfit G Mason, He is at the TOP of BCR Major holders but when you look at his shares it says N/A , I did a general search and found that his stock with Bard it says -indirect- anyone with knowledge on stocks ?

  21. kitty February 24, 2015 at 8:55 am - Reply

    With Martha Stewart it had to do with CONSPIRACY. ImClone was the name of the stock. The stock fell considerably after she did this.

    • Disgusted February 24, 2015 at 11:56 am - Reply

      Yes, she was “informed” illegally ahead of time that the stock was about to fail so she sold off her shares before the others found out and didn’t have a loss.

  22. Bec February 24, 2015 at 1:33 pm - Reply

    The Law

    In August 2000, the Securities and Exchange Commission (SEC) adopted new rules regarding insider trading (made effective in October of the same year). Under Rule 10b5-1, the SEC defines insider trading as any securities transaction made when the person behind the trade is aware of nonpublic material information, and is hence violating his or her duty to maintain confidentiality of such knowledge.

    Information is defined as being material if its release could affect the company’s stock price. The following are examples of material information: the announcement that the company will receive a tender offer, the declaration of a merger, a positive earnings announcement, the release of the company’s discovery such as a new drug, an upcoming dividend announcement, an unreleased buy recommendation by an analyst and finally, an imminent exclusive in a financial news column.

  23. Debra February 24, 2015 at 3:31 pm - Reply

    Could it be a chance that one of the bigger companies might be willing to buy out Bard for future expansion of there own company like BS or J&J as I don’t have s clue to what’s going on but the CEO’s are sure making sure they are looking after themselves first.

    • Msm February 24, 2015 at 5:48 pm - Reply

      Endo bought AMS three years ago and they probably wish they hadn’t. Mesh sales are down and will continue to decline as more docs figure out that it is not worth the risk. That being said…. these companies have many divisions that sell other products so the companies can’t truly go “belly up”. The trouble comes when they are allowed to declare bankruptcy in the name of restructuring and reorganization. Too big to fail because the business will be allowed to morph into a variation of itself and carry on as if nothing happened. That’s an exaggeration and over simplification but it not far off.

      • Hal Lewis February 24, 2015 at 8:03 pm - Reply

        You are correct, Mike. Very likely what they would love to do at this point.

    • Jane Akre February 25, 2015 at 7:06 am - Reply
      • msm February 25, 2015 at 8:43 am - Reply

        I wonder how much value is based on the anticipated success of the AMS GreenLight laser for the treatment of benign prostatic hyperplasia (BPH). Their UK site advertises its “proven safety”. I did not find such safety claims on the main AMS site viewed mainly in the U.S. Instead, the only claim was to compare the safety and efficacy of their Greenlight laser system to a more invasive TURP procedure. The clinical outcomes were only equal to the TURP procedure. The only advantage? Shorter recovery times. Not for the patient’s health benefits, but for lower healthcare costs. Amazing.

        “GreenLight XPS had equivalent clinical outcomes to TURP with shorter recovery resulting in lower healthcare costs.”

        Although the only listed advantage is lower cost, the FDA cleared it. It’s another 510(K) product that was recalled in 2011 due to problems with the laser fiber breaking off and even “exploding” according to the FDA.. However, it seems to have improved with only 3 MAUDE reports in January 2015. In contrast, there were 57 MAUDE reports registered with the FDA involving AMS incontinence and prolapse products (for men and women) in January 2015 alone.

        AMS is happy to assist docs in marketing their products as evidenced here: (caution, viewing this may really tick you off)

        • Jane Akre February 25, 2015 at 9:10 am - Reply

          msm- great research thank you. If you compile AE reports on mesh products, please forward them. We could have a weekly or monthly column on AE mesh complications so the FDA knows we are watching!

  24. Kim February 24, 2015 at 3:40 pm - Reply

    This is a free viewing of the movie, “Bought, the Truth Behind Vaccines, Big Pharma, & Your Food

    Some of our “favorite” companies are in it, like J&J, who had to pay 3 billion dollars for fraud representing the safety of Risperdal. Cost of doing business as they made 44 billion.

    • Jane Akre February 25, 2015 at 7:04 am - Reply

      You would think there would be an ethics panel of shareholders who say “enough is enough” no more Profits at any expense!

  25. Jane Akre February 25, 2015 at 7:05 am - Reply

    More sales…. Thank you Terri!

    $BCR: Insider Selling: CR Bard CEO Sells 6284 Shares of …

    Feb 18, 2015

    CEO Timothy M. Ring sold 6284 shares of the company’s stock in a transaction dated Tuesday, February 17th.

  26. Msm February 25, 2015 at 3:28 pm - Reply

    C.R. Bard VP Patricia G. Christian Sells 1,408 Shares

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