NEW YORK, May 20, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Boston Scientific Corporation (“Boston Scientific” or the “Company”) (BSX) of the June 24, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Boston Scientific stock or options between February 26, 2015 - April 16, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/BSX. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
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The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Boston Scientific securities between February 26, 2015 - April 16, 2019 (the “Class Period”). The case, Klein v. Boston Scientific Corporation et al., No. 19-cv-03642 was filed on April 24, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Boston Scientific’s surgical mesh products indicated for the transvaginal repair of pelvic organ prolapse (“POP”) were unsafe; (2) accordingly, Boston Scientific’s continued marketing and sales of these devices in the United States was unlikely to be sustainable; (3) separately, the Company had sold vaginal mesh implants containing counterfeit or adulterated resin products imported from China; (4) the foregoing conduct subjected the Company to a heightened risk of regulatory scrutiny and/or government investigations; and (5) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On April 16, 2019, the Food and Drug Administration (“FDA”) announced that it had “ordered the manufacturers of all remaining surgical mesh products indicated for the transvaginal repair of pelvic organ prolapse . . . to stop selling and distributing their products in the U.S. immediately.” The FDA stated that “the manufacturers, Boston Scientific and Coloplast, have not demonstrated a reasonable assurance of safety and effectiveness for these devices,” as required to continue marketing the devices in the United States.
On this news, the Company' stock price fell, over two trading sessions, from $37.81 per share on April 16, 2019 to $34.91 per share on April 17, 2019—a $2.90 or 7.67% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Boston Scientific’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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