Biomet, Inc. Makes Announcement.WARSAW, Ind.--(BW HealthWire)--Aug. 29, 1997--Biomet, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BMET BMET Biomedical Engineering Technology BMet Bachelor of Metallurgy BMET Bio-Medical Equipment Repair Technician ) announced today that the trial court judge presiding over the Orthofix litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. has entered an order reducing to $50 million the $100 million in punitive damages awarded to Orthofix, Inc. by the jury. Under the terms of the order, within 20 days Orthofix must advise the court whether it will accept or reject the reduced award. If Orthofix rejects the reduced award, the court will grant Biomet's motion for a new trial motion for a new trial n. a request made by the loser for the case to be tried again on the basis that there were significant legal errors in the way the trial was conducted and/or the jury or the judge sitting without a jury obviously came to an incorrect result. as to punitive damages only. Irrespective of Orthofix' decision as to the reduced award, Biomet intends to continue with an appeal in which it will seek a reversal of both the compensatory damages awarded to Orthofix and any remaining punitive damages. Biomet, Inc. and its subsidiaries design, develop, manufacture and market products used primarily by orthopedic medical specialists in both surgical and non-surgical therapy, including reconstructive and trauma devices, electrical bone growth stimulators, orthopedic support devices, operating room supplies, spinal implant systems, general surgical instruments, arthroscopy Arthroscopy Definition Arthroscopy is the examination of a joint, specifically, the inside structures. The procedure is performed by inserting a specifically designed illuminated device into the joint through a small incision. products and cranio- maxillofacial maxillofacial /max·il·lo·fa·cial/ (-fa´sh'l) pertaining to the maxilla and the face. max·il·lo·fa·cial adj. Relating to or involving the maxilla and the face. implants and instruments. Headquartered in Warsaw, Indiana, Biomet and its subsidiaries currently distribute products in approximately 100 countries. For further information contact Greg W. Sasso, Vice President of Corporate Development and Communications, at (219) 372-1528. CONTACT: Biomet, Inc. Greg W. Sasso, 219/372-1528 |
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