A lawsuit filed in Delaware Court of Chancery by the Exactech Litigation Trust alleges that private equity firm TPG, among other entities, concealed known defects in implant components.
Following its acquisition of Exactech in 2018, private equity firm TPG concealed known defects and delayed corrective action and recalls, the lawsuit claims. The litigation trust alleges that TPG pushed Exactech into bankruptcy in order to limit liability exposure to the firm.
In addition, plaintiffs alleged that TPG prioritized preserving its investment into Exactech over patient safety.
The lawsuit aims to recover value for creditors, many of which are patients injured by the defective orthopedic implants and devices.
A TPG spokesperson provided the following statement to Becker’s:
“The packaging nonconformance that gave rise to claims against Exactech predated TPG’s ownership of the company, and TPG learned about it in 2021. TPG then supported the company as it immediately launched an investigation, initiated a voluntary recall, and provided support programs for physicians and patients. Any allegation that TPG discouraged the disclosure of the nonconformance or the recall of Exactech products is categorically false. TPG has already successfully defended itself in federal court against very similar allegations and intends to vigorously defend itself against these claims.”
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