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.