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WILMINGTON, Del., May 02, 2019 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of Boston Scientific Corporation (“Boston Scientific” or the “Company”) (NYSE: BSX) between February 26, 2015 and April 16, 2019, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Boston Scientific during the Class Period, or purchased shares prior to the Class Period and still hold Boston Scientific, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Seth D. Rigrodsky or Timothy J. MacFall at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, DE 19801, by telephone at (888) 969-4242, by e-mail at firstname.lastname@example.org, or at http://rigrodskylong.com/contact-us/.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public 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/or government investigations; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, 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. According to Jeffrey Shuren M.D., director of the FDA's Center for Devices and Radiological Health: ''In order for these mesh devices to stay on the market, we determined that we needed evidence that they worked better than surgery without the use of mesh to repair POP. That evidence was lacking in these premarket applications, and we couldn't assure women that these devices were safe and effective long term[.]''
On this news, shares of Boston Scientific declined over 7%, closing at $34.91 per share on April 17, 2019, on heavy trading volume.
If you wish to serve as 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 proposed 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.
Rigrodsky & Long, P.A., with offices in Delaware, New York, and California, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in numerous cases nationwide, including federal securities fraud actions, shareholder class actions, and shareholder derivative actions.
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