Wade Barrett underwent surgery on his dislocated elbow earlier this month. The WWE website originally stated that the injury would keep him out of action for six to eight weeks, but the injury turned out to be more severe than the initial diagnosis and he's now expected to be out for three to four months.
Barrett’s injury caused WWE to make a big change to the WrestleMania 28 card, as there were plans for Wade Barrett to win a Money in the Bank match at the show and go on to feud with CM Punk over the WWE championship. Barrett's injury led WWE to scrap the match from the show all together.
The latest is that WWE officials are hoping that Wade Barrett will be back in action by July so they can feature him prominently at SummerSlam. There has been talk of holding a Money in the Bank match at SummerSlam, with Barrett winning that match and then going on to a feud with CM Punk for the WWE title in the fall.
(Partial credit to pwinsider.com for some of the info used in this report)