Boston Scientific Corporation
Lead Plaintiff Deadline: 02/02/2021
SUMMARY OF CASE:
A securities class action has been filed against Boston Scientific Corporation (BSX) on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Boston Scientific securities between April 24, 2019 through November 16, 2020. This case has been filed in the USDC – E.D.N.Y.
Boston Scientific develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. The Company’s products include, among others, the LOTUS Edge Aortic Valve System, which is a Transcatheter Aortic Valve Replacement (“TAVR”) product.
Boston Scientific announced the U.S. Food and Drug Administration’s (“FDA”) approval for the LOTUS Edge Aortic Valve System in April 2019.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the LOTUS Edge Aortic Valve System’s product delivery system was dysfunctional and threatened the continued viability of the entire product line; (ii) as a result, the Company had materially overstated the continued commercial viability and profitability of the LOTUS Edge Aortic Valve System; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On November 17, 2020, Boston Scientific announced a global recall of all unused inventory of the LOTUS Edge Aortic Valve System, citing “complexities associated with the product delivery system.” Boston Scientific further announced that “[g]iven the additional timeand investment required to develop and reintroduce an enhanced delivery system, the company has chosen to retire the entire LOTUS product platform immediately.”
On this news, Boston Scientific’s stock price fell $3.00 per share, or 7.89%, to close at $35.03 per share on November 17, 2020.
As a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s securities, Plaintiff and other Class members have suffered significant losses and damages.