If these insiders are found guilty and they probably will they need to go to jail. Looks like its below the moving averages on low volume and ready to plummit. Stull, Stull & Brody Announces Class Action Against Boston Scientific Corporation Tuesday November 15, 5:57 pm ET
NEW YORK, NY--(MARKET WIRE)--Nov 15, 2005 -- Notice is hereby given that a class action has been commenced in the United States District Court for the District of Massachusetts on behalf of all persons who purchased the securities of Boston Scientific Corporation (NYSE:BSX - News) (the "Boston Scientific" or the "Company") during the period between March 31, 2003 and August 23, 2005 (the "Class Period"). Also included are all those who acquired Boston Scientific through its acquisitions of Rubicon Medical, CorAutus, Precision Vascular, Advanced Bionics, CryoVascular Systems and TriVascular. ADVERTISEMENT
Stull, Stull & Brody has substantial experience representing employees who suffered losses from purchases of their employer's stock in their 401(k) plans. If you bought Boston Scientific's stock through your Boston Scientific retirement account and have information or would like to learn more about these claims, please contact us.
The complaint alleges that Boston Scientific, a company that engages in the development and marketing of cardiovascular and endosurgery medical device products, violated federal securities laws by issuing false and misleading statements. Specifically, the complaint alleges that Boston Scientific provided highly explicit false and misleading assurances of the Company's ability to satisfy FDA regulations governing its medical device product quality, as well as affirmative representations as to the Company's knowledge and expertise regarding design, development, marketing approval and sales of its medical devices.
On August 23, 2005, based on the cumulative impact of three separate FDA Warning Letters, investors learned of defendants' broad-based concealment of its broken quality program and the risks the Company faced. As a result, Boston Scientific's stock price fell 4.5% to $25.92. During the Class Period, shares of Boston Scientific traded as high as $45.81 on April 5, 2004. While the Company's stock was trading at artificially inflated prices, insiders sold over $400 million worth of their personal holdings.
If you are a member of the class, you may request that the Court appoint you as lead plaintiff by November 21, 2005. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Stull, Stull & Brody, or other counsel of your choice, to serve as your counsel in this action. Stull, Stull & Brody has litigated many class actions for violations of securities laws in federal courts over the past 30 years and has obtained court approval of substantial settlements on numerous occasions. Stull, Stull & Brody maintains offices in both New York and Los Angeles.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Tzivia Brody, Esq. at Stull, Stull & Brody by e-mail at SSBNY@aol.com, by calling toll-free 1-800-337-4983, or by fax at 212/490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017. You can also visit our website at www.ssbny.com. Contact: Tzivia Brody, Esq. Stull, Stull & Brody toll-free 1-800-337-4983 Email C