NEW YORK, May 02, 2019 (GLOBE NEWSWIRE) -- Safirstein Metcalf LLP announces that a class action lawsuit has been filed against Boston Scientific Corporation (NYSE: BSX) ("Boston Scientific") on behalf of all purchasers of securities during the period between February 26, 2015 through April 16, 2019, inclusive (the "Class Period").
If you purchased Boston Scientific Corporation securities during the Class Period and would like more information about the shareholder class action, please contact Safirstein Metcalf LLP at 1-800-221-0015, or email info@SafirsteinMetcalf.com.
If you wish to serve as a lead plaintiff, you must move the Court no later than June 24, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. 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.
The complaint charges that Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and misleading statements and failed to disclose that: (i) Boston Scientific's surgical mesh products indicated for the transvaginal repair of POP were unsafe; (ii) accordingly, Boston Scientific's continued marketing and sales of these devices in the United States was unlikely to be sustainable; (iii) separately, the Company had sold vaginal mesh implants containing counterfeit or adulterated resin products imported from China; (iv) the foregoing conduct subjected the Company to a heightened risk of regulatory scrutiny and government investigations; and (v) as a result, the Company's public statements were materially false and misleading at all relevant times.
After certain disclosures on February 24, 2016 and May 13, 2018, on April 16, 2019, the 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.” Following this news, Boston Scientific’s stock price fell $2.90 per share, or 7.67%, over the following two trading sessions, closing at $34.91 per share on April 17, 2019.
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Safirstein Metcalf LLP focuses its practice on shareholder rights. The law firm also practices in the areas of antitrust and consumer protection. All of the Firm’s legal endeavors are rooted in its core mission: provide investor and consumer protection.
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